IIF, ICMA, trade bodies urge Basel Committee to reconsider crypto rules – Ledger Insights
Ten industry bodies representing incumbent institutions and blockchain firms have written to the Basel Committee on Banking Supervision (BCBS) requesting that it revisit its standard for the treatment of crypto-assets. The biggest complaint relates to the Basel Committee’s classification of any tokenized assets issued on permissionless blockchains as high risk, with prohibitive bank capital requirements.
The ten associations (full list below) include seven representing incumbents such as the Institute of International Finance (IIF), Global Financial Markets Association (GFMA), International Capital Market Association as well as three representing blockchain firms including Global Digital Finance.
As context, the Committee
