Basel proposes crypto disclosures by banks from January 2025

LONDON (Reuters) – World banking regulators on Tuesday proposed a standardised format for main banks to reveal their holdings of cryptoassets from January 2025 to assist “market self-discipline” by giving an entire image to buyers.

The Basel Committee of banking regulators from the world’s fundamental monetary centres agreed new guidelines final December on how a lot capital banks ought to maintain to cowl several types of cryptoassets. On Tuesday, they set out for public session how the holdings ought to be disclosed to buyers.

“Beneath the proposals, banks can be required to reveal qualitative data on their actions associated to cryptoassets and quantitative data on exposures to cryptoassets and the associated capital and liquidity necessities,” the Basel Committee stated in a press release.

Banks would even be required to supply particulars of the accounting classifications of their exposures to cryptoassets and crypto liabilities, it stated.

The general public session ends on Jan. 31, 2024.