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The payments landscape for community banks is changing rapidly as traditional payments converge with new instant payment systems and emerging cryptocurrencies. It is critical for Community Banks to maintain awareness of developments in the payments space to assess new opportunities, mitigate risks, and ensure that their payment strategy aligns with overall business plans.
July 05, 2024
The Basel Committee on Banking Supervision announced that it has reviewed the comments on its proposed crypto asset exposure disclosure and amendments to its standard on banks’ exposure to crypto assets.
Details: The committee said it will publish new versions of each standard later this month and both will share an implementation date of Jan. 1, 2026.
ICBA View: ICBA recently expressed support for the committee’s work to draft a regulatory framework for disclosing crypto asset exposures in banking entities’ financial statements. It separately said the committee’s amendments for classifying cryptoasset exposures validate community bank misgivings about cryptocurrencies.
More: In its comments, ICBA said it strongly agrees with the committee’s decision to disqualify stablecoins issued on permissionless blockchains from Group 1 treatment due to their significant risks. However, ICBA cautioned that the international community must engage in more proactive measures to contend with the risks posed by stablecoins and the wider decentralized finance ecosystem.