The Basel Committee on Banking Supervision has emphasized the importance of banks disclosing their exposure to cryptocurrencies and has called for standardized reporting and increased transparency in the crypto industry. The committee has proposed mandatory reporting requirements for banks regarding their crypto activities, which includes both qualitative and quantitative aspects of crypto exposures. Banks will need to disclose information about their crypto-related activities, exposures to cryptocurrencies, associated liquidity requirements, and how they classify their crypto-related exposures and liabilities. The committee aims to implement these disclosure requirements by January 1, 2025. The goal of standardizing crypto exposure reporting is to promote market discipline and bridge the information gap between banks and market participants. The committee is seeking comments on these proposals from the public, market participants, and disclosure users and preparers, which will be made public on the Bank for International Settlements (BIS) website unless confidentiality is requested. Although the Basel Committee's decisions do not have legal force, they have a significant impact on banking practices and regulations globally.
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