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Global banking regulators to move ahead with crypto, climate rules -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – Representations for cryptocurrencies Bitcoin and Ethereum are displayed on the PC motherboard. This illustration was taken June 29, 2021. REUTERS/Dado Ruvic/Illustration

LONDON, (Reuters) – The Basel Committee of bank regulators stated Tuesday that it would address climate-related risk and suggest how banks can set aside capital for potential losses due to cryptoassets.

A committee representing the major financial centers of the world, based in Switzerland, said that it would launch a public discussion later this month about a series of principles to ensure the “effective management of and supervision of climate-related risks at international banks.”

The members of the committee agreed to need minimum capital standards that are conservatively risk-based for cryptoassets.

The committee stated in a statement that it would further define a prudential approach to the issue, and will then publish a consultative document before mid-2022.

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