The Basel Committee has released an update on compliance rules for banks dealing with crypto assets

ChainCatcher news, according to Ledgerinsights, the Basel Committee has released an update on compliance rules for banks regarding crypto assets. In the latest consultation, the committee threatened to treat traditional digital securities on public blockchains as having risks equivalent to cryptocurrencies. This would prevent banks from participating in tokenization programs on public blockchains due to the high costs involved.

Additionally, the final changes removed the two largest proposed changes regarding stablecoins. The consultation suggested that all stablecoin reserves must be placed in bankruptcy remote vehicles. It is worth mentioning that the Basel Committee is also considering prohibiting the use of securities financing transactions such as repos and reverse repos in stablecoin reserves.