Banks in the European Union will have to disclose their exposure to cryptocurrencies, EU institutions announced. The obligation will be introduced under a deal to implement globally agreed regulatory standards meant to improve the resilience of the financial institutions.
Deal Reached to Finalize EU Reforms of Banking Rules Addressing Crypto Risks
Representatives of the European Parliament, the Council and the Commission reached a provisional agreement to amend EU regulations on capital requirements for banks. The changes seek to make EU banks more resilient to economic shocks by implementing the Basel III global standards while taking into account European specifics.
The third Basel Accord was agreed by the European Union and its G20 partners in the Basel Committee on Banking Supervision. It represents a framework of international standards for bank capital adequacy, stress testing, and liquidity requirements which was first announced in late 2010 but its implementation was repeatedly
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