The Basel Committee on Banking Supervision (BCBS), whose main task is to develop uniform standards and methods for banking regulation, has held a public consultation on the disclosure of cryptoasset risks by banks.
"The consultation is based on the disclosure requirements contained in the final prudential standard on the treatment of bank's cryptoasset exposures published in December 2022," the BCBS said in a statement.
Banks will be required to complete a standardized disclosure table for cryptoassets, including tokenized assets, stablecoins, and unsecured cryptoassets, from January 1, 2025. In addition, financial institutions will be required to fully disclose the accounting classification of their crypto asset and crypto liability exposures.
The BCBS expects that a common disclosure format will promote market discipline and help reduce information asymmetries between banks and market participants.
The BCBS invites comments and constructive suggestions on the proposed disclosure requirements, which are due by January 31, 2024.
The BCBS notes that all comments will be published on the Bank for International Settlements (BIS) website unless the respondent explicitly requests confidential treatment.
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