The European Union (EU) must expedite the rollout of strict capital rules for banks holding crypto assets in a pending banking law if it wants to meet the deadline set by the Basel Committee, warned the bloc’s executive.
What Happened: The committee has imposed a January 2025 deadline for capital requirements for bank exposures to crypto assets, including stablecoins and Bitcoin (CRYPTO: BTC), according to a Reuters report.
While banks have limited involvement in providing crypto asset-related services, the European Commission said they have expressed interest in trading crypto assets on behalf of their clients.
Why It’s Important: Delays in enforcing the Basel standards in the EU could lead to …
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