They noted that open consultations on these issues will take place until September 20, 2023.

The management of the institutions stated that it bases its proposals on the initiatives put forward by the Basel Committee on Banking Supervision in December last year. According to them, they will help determine to what extent the traditional financial system will use blockchain technology innovations.

“Institutions accepting deposits and insurance companies need clarity on how to treat the risks associated with crypto assets. We mean those situations when it comes to capital and liquidity,” said Peter Routledge, managing director of the financial regulator. “We hope to provide clarity with new recommendations that reflect the situation in the industry and compliance with international standards.”