Britain to front-run capital rules on crypto if need be, says Bank of England



By Huw Jones

LONDON, Sept 23 (Reuters) - Bank of England Deputy Governor Sam Woods said on Thursday he would front-run global rules if necessary to avoid Britain's banks building up big exposures to cryptoassets that were not backed by sufficient capital.

The global Basel Committee of banking regulators have begun work on capital requirements for banks which hold cryptoassets like bitcoin, proposing punitive charges that lenders said this week would make their involvement in the sector prohibitive.

Woods said that the regulatory community was starting to get a better grip on the crypto sector and that Basel's proposals were "quite sensible".

"At this point our banks don't have material exposures to crypto but you can see over time, there is an investor appetite and not just retail, also institutional investor appetite to have a little bit of this stuff," Woods told Reuters.

"Some of the banks have announced plans to provide ancillary services in that regard. That may be OK but as that develops and if it develops into something big, we are going to need to make sure the capital treatment is pretty robust."

The crypto sector is growing rapidly, but Basel can take years to adopt norms that then need to be implemented by members like Britain, the European Union and the United States.

"We would not want to stop firms doing things that make commercial sense, but we would take a very conservative view on capital treatment, and if necessary, we would therefore front run, maybe not exactly in the same way, but we would put some capital measures in place," Woods said.

"It's not an issue yet."

DEADLINE 'SHIFTING'

Separately, the final elements of Basel's tougher capital norms agreed in the aftermath of the global financial crisis over a decade ago have yet to be implemented after being delayed a year to January 2023 to give banks space to focus on dealing with COVID.

The new deadline now looks in doubt as Europe, Britain and the United States have yet to finalise how those final elements will be implemented in practice.

Woods said it was "not clear" if the January 2023 deadline will be met given that "timetables are shifting".

"There is always the question of what does it mean by first of January 2023, that you have published your rules, does it mean firms have got them into their systems? We are going to be in line with the others and there is not going to be a big delay," he said.

Banks in the EU want some of the rules eased, but Britain, however, will not water down the rules, Woods said.

"Our overriding approach is that we both are and seen to be a robust implementor of international standards," Woods said.
Reporting by Huw Jones; Editing by Rachel Armstrong and Hugh Lawson

免責聲明: XM Group提供線上交易平台的登入和執行服務,允許個人查看和/或使用網站所提供的內容,但不進行任何更改或擴展其服務和訪問權限,並受以下條款與條例約束:(i)條款與條例;(ii)風險提示;(iii)完全免責聲明。網站內部所提供的所有資訊,僅限於一般資訊用途。請注意,我們所有的線上交易平台內容並不構成,也不被視為進入金融市場交易的邀約或邀請 。金融市場交易會對您的投資帶來重大風險。

所有缐上交易平台所發佈的資料,僅適用於教育/資訊類用途,不包含也不應被視爲適用於金融、投資稅或交易相關諮詢和建議,或是交易價格紀錄,或是任何金融商品或非應邀途徑的金融相關優惠的交易邀約或邀請。

本網站的所有XM和第三方所提供的内容,包括意見、新聞、研究、分析、價格其他資訊和第三方網站鏈接,皆爲‘按原狀’,並作爲一般市場評論所提供,而非投資建議。請理解和接受,所有被歸類為投資研究範圍的相關内容,並非爲了促進投資研究獨立性,而根據法律要求所編寫,而是被視爲符合營銷傳播相關法律與法規所編寫的内容。請確保您已詳讀並完全理解我們的非獨立投資研究提示和風險提示資訊,相關詳情請點擊 這裡查看。

我們運用 cookies 提供您最佳之網頁使用經驗。更改您的cookie 設定跟詳情。

風險提示: 您的資金存在風險。杠杆商品可能不適合所有客戶。 請詳細閱讀我們的風險聲明