The BIS noted that recent developments have highlighted the importance of a strong minimum framework for internationally active banks.
A global standard for banks' exposure to crypto assets has been endorsed by the Group of Central Bank Governors and Heads of Supervision of the Bank for International Settlements .
BIS's announcement highlights that the global banking system's direct exposure to digital assets remains relatively low, but recent developments have outlined"the importance of having a strong minimum framework for internationally active banks to mitigate risks." It also stated: "Unbacked cryptoassets and stablecoins with ineffective stabilisation mechanisms will be subject to a conservative prudential treatment. The standard will provide a robust and prudent global regulatory framework for internationally active banks' exposures to cryptoassets that promotes responsible innovation while preserving financial stability.
"The Committee's standard on cryptoasset is a further example of our commitment, willingness and ability to act in a globally coordinated way to mitigate emerging financial stability risks. The Committee's work programme for 2023–24 endorsed by GHOS today seeks to further strengthen the regulation, supervision and practices of banks worldwide. In particular, it focuses on emerging risks, digitalisation, climate-related financial risks and monitoring and implementing Basel III.
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