What is the role of the Basel Committee in regulating crypto assets?

3 answers

• nidzoAug 19, 2023 · 2 years ago
  The Basel Committee on Banking Supervision plays a crucial role in regulating crypto assets. As an international organization, it sets global standards for banking regulations, including those related to crypto assets. The committee provides guidance to member countries on how to supervise and regulate the risks associated with crypto assets. This helps ensure that banks and financial institutions have appropriate risk management frameworks in place when dealing with cryptocurrencies. By promoting sound and consistent regulatory practices, the Basel Committee aims to enhance the stability and integrity of the global financial system.
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• Sakshi ShindeMay 03, 2023 · 3 years ago
  The Basel Committee is like the referee of the cryptocurrency game. It sets the rules and regulations that banks and financial institutions need to follow when dealing with crypto assets. By doing so, it helps protect investors and ensure the stability of the financial system. The committee also monitors the risks associated with crypto assets and provides guidance on how to manage these risks effectively. So, you can think of the Basel Committee as the watchdog that keeps an eye on the crypto market and makes sure everything is running smoothly.
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• Shivam BiswasApr 29, 2021 · 5 years ago
  The role of the Basel Committee in regulating crypto assets is to provide guidance and recommendations to member countries on how to supervise and regulate the risks associated with cryptocurrencies. The committee recognizes the growing importance of crypto assets in the financial system and aims to ensure that banks and financial institutions have appropriate risk management frameworks in place. This includes assessing the risks posed by crypto assets, such as money laundering and terrorist financing, and developing regulatory measures to address these risks. The Basel Committee's efforts contribute to the overall stability and integrity of the global financial system.
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