Bloomberg: Surge in Stablecoins Prompts Global Banks to Review Crypto Asset Rules

BlockBeats News, October 31st. According to Bloomberg, global regulatory bodies are discussing new rules on banks holding cryptocurrency assets, which were originally planned to take effect next year. The rapid growth of stablecoins has triggered a primarily U.S.-led backlash, prompting regulators to consider a comprehensive revision of existing measures.

The standard, proposed by the Basel Committee on Banking Supervision, was set to be introduced by the end of 2022. Financial executives have indicated that banks broadly interpreted this standard as a signal to steer clear of cryptocurrency assets, as the rules impose hefty capital requirements on holding such assets.

Insiders revealed that major jurisdictions, including the U.S., the U.K., and the EU, have not committed to advancing the implementation as originally planned. Instead, they are inclined to reassess the relevant standards globally before widespread adoption to ensure the feasibility and coordination of regulatory measures.