The Bank for International Settlements Basel Committee has released a consultation document recommending that banks be required to disclose their cryptocurrency risk exposures

ChainCatcher news, according to Cointelegraph, the Basel Committee of the Bank for International Settlements (BIS) released a consultation document on October 17, proposing to require banks to disclose their cryptocurrency risk exposures. This consultation document, which focuses on banks' risk exposures to crypto assets, aims to develop a standardized "bank crypto asset risk exposure disclosure template and set," with a proposed implementation date of January 1, 2025. The Basel Committee has opened the proposal for public consultation, with a deadline of January 31, 2024, and the results of the consultation will be published on the Bank for International Settlements website.

Under the new proposed regulations, banks will be required to provide quantitative data on their crypto asset risk exposures as well as corresponding capital and liquidity requirements. Banks will also need to provide qualitative data related to cryptocurrency activities. Additionally, banks must provide information on their accounting classifications for crypto assets and liability information.