Bloomberg: Surge in Stablecoins Prompts Global Banks to Review Crypto Asset Rules

October 31st. According to Bloomberg, global regulatory bodies are engaged in discussions regarding new regulations on banks' holdings of cryptocurrency assets. These regulations were originally scheduled to come into effect next year. The rapid expansion of stablecoins has led to a mainly U.S.-driven reaction, prompting regulators to contemplate a comprehensive revision of existing measures. The standard proposed by the Basel Committee on Banking Supervision was supposed to be introduced by the end of 2022. Financial executives have stated that banks generally interpreted this standard as a sign to stay away from cryptocurrency assets because the rules impose significant capital requirements for holding such assets. Insiders have revealed that major jurisdictions, such as the U.S., the U.K., and the EU, have not committed to proceeding with the implementation as originally planned. Instead, they are inclined to reevaluate the relevant standards globally before their widespread adoption to ensure the feasibility and coordination of regulatory measures.