Rules requiring the world’s banks to hold very high amounts of capital to absorb potential losses on crypto assets need to be reworked after the US and UK refused to implement them, the chair of the global body behind the regulation has said.
Erik Thedéen, chair of the Basel Committee on Banking Supervision, said in an interview with the Financial Times that “a different approach” was needed on the global rules for banks’ crypto holdings, but that this would be hard to achieve because of “different views” between regulators.
The rapid growth of stablecoins, which are designed to be a safer form of…
