SHAFAQNA TURKEY – A committee of the European Parliament (EP) has approved a regulation that requires banks to hold sufficient capital to fully cover their crypto assets against risks.
The Committee of the European Parliament (EP) on Economic and Financial Affairs adopted a law containing new rules for the implementation of the Basel III international agreement. Accordingly, EU banks will become more resilient to future economic shocks.
The corresponding Basel III capital rules will come into full force in early 2025. Accordingly, strict rules will apply to banks holding cryptocurrencies. Banks holding crypto positions will need to have sufficient capital to fully cover their crypto holdings.
AGREEMENT ON GENERAL TEXT NEEDS
Banks will need to disclose their crypto assets, the services they offer in this area, and their risk management. After this stage, the bill will be discussed with EU member states after voting in the General Assembly of the European Parliament. For the regulation to come into force, the European Parliament and EU member states must agree on a common text.
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