The Group of Central Bank Governors and Heads of Supervision (GHOS), the governing body of the Basel Committee on Banking Supervision, has decided to extend the deadline for banks to comply with new regulations on cryptocurrency assets by a full year.
The new deadline is now January 1, 2026.
These guidelines were initially introduced by the Basel Committee in December 2022 to address the financial risks associated with cryptocurrency assets while ensuring responsible development in the banking industry.
Recent research indicates that regulators are approaching cryptocurrency assets cautiously, seeking to strike a balance between maintaining financial stability and fostering innovation. With the extended deadline, banks will have more time to prepare for the implementation of these new regulations.
The reason behind this extension is to provide member countries with additional time to establish a clear and unified regulatory framework for digital assets. This move by the GHOS aims to promote stability in the global economy and foster greater consistency among nations.
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