What are the guidelines provided by the Basel Committee for banks in dealing with crypto assets?

3 answers

• Mani DeepMar 05, 2023 · 2 years ago
  The guidelines provided by the Basel Committee for banks in dealing with crypto assets emphasize the need for robust risk management practices. Banks are advised to conduct thorough due diligence on any crypto asset-related activities and ensure compliance with relevant laws and regulations. They are also encouraged to establish clear policies and procedures for the identification, assessment, and management of risks associated with crypto assets. Additionally, banks should have appropriate governance structures in place to oversee their crypto asset activities and ensure effective risk management. Overall, the guidelines aim to promote the safe and sound management of crypto assets by banks, while also acknowledging the potential benefits and risks associated with these assets.
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• Larsson TerrellJun 11, 2020 · 5 years ago
  When it comes to dealing with crypto assets, the Basel Committee has provided guidelines for banks to follow. These guidelines highlight the importance of understanding the risks associated with crypto assets and implementing appropriate risk management measures. Banks are advised to conduct thorough due diligence on any crypto asset-related activities and ensure compliance with relevant laws and regulations. They should also establish clear policies and procedures for the identification, assessment, and management of risks associated with crypto assets. By following these guidelines, banks can better navigate the evolving landscape of crypto assets and protect themselves and their customers from potential risks.
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• Andy AndyMay 16, 2023 · 2 years ago
  The guidelines provided by the Basel Committee for banks in dealing with crypto assets are designed to ensure that banks approach these assets with caution and implement appropriate risk management measures. Banks are advised to conduct thorough due diligence on any crypto asset-related activities and assess the associated risks. They should also establish clear policies and procedures for the identification, assessment, and management of risks associated with crypto assets. By following these guidelines, banks can mitigate the potential risks and ensure the safe and sound management of crypto assets within their operations.
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