“The continued growth of crypto asset trading platforms and new financial products related to crypto assets has the potential to raise financial stability concerns and increase risks faced by banks,” the Basel Committee said in a statement released today.
In the release, the group warned crypto assets present a number of risks for banks, including liquidity risk; credit risk; market risk; operational risk ; money laundering and terrorist financing risk; and legal and reputation risks.
Banks are being urged by the Basel Committee to make sure they have the relevant and requisite technical expertise to adequately assess the risks stemming from crypto-assets and a robust risk management framework before jumping into them.
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