ICMA co-signs joint trade association response to BCBS consultation on banks' disclosure of crypto-asset exposures
1 February 2024 ICMA has co-signed, alongside the Global Financial Markets Association, the Institute of International Finance, and the International Swaps and Derivatives Association, a joint trade association response which was submitted on 31 January 2024 to the Basel Committee on Banking Supervision’s (BCBS) public consultation on banks' disclosure of cryptoasset exposures.
While the Associations support the development of responsible, well-balanced disclosures of crypto-asset exposures, they have a number of concerns with the general policy approach, and level of detail, reflected in the Consultation’s proposed disclosure requirements which are outlined in this response. The proposed disclosure may hinder the adoption of innovative technologies and banks' engagement in crypto markets and ultimately may impact the safe and responsible development of a sound global crypto-asset market. This could detrimentally affect the overall transparency and stability of the market, as well as associated resource allocation by investors and market participants. The joint trade association response can be found here.