Basel Committee greenlights new rules for cryptoasset exposure reporting and capital requirements

The Basel Committee has given the thumbs up to a new disclosure framework and capital standards specifically aimed at how banks handle cryptoassets. They've also tweaked the existing rules around interest rate risks in banking operations and plan to start discussions on managing third-party risks. So, the key takeaways are: the committee approved a framework for banks to report on their cryptoasset exposure, made some amendments to the cryptoasset regulations, updated the methodologies for gauging interest rate shocks, and agreed to consult on fresh principles for managing risks associated with third parties. These discussions took place during a virtual meeting held on July 2 and 3, where various policy plans and supervisory actions were on the table.