BCGAME - Free 5BTC Daily Bonus!plans of Canada with capital for banks and insurance companies that hold cryptocurrencies. The country's regulators released the plans on July 26 in a consultation that will run until September 20.
“The Office of the Superintendent of Financial Institutions (OSFI) is proposing changes to its capital and liquidity approach for crypto assets to reflect an evolving risk environment and international developments. Today, OSFI announced two draft guidelines, one for federally regulated deposit-taking institutions and one for insurance companies, on the regulatory capital treatment of exposures to crypto-assets. document.
OSFI highlighted in the statement that the text is based on its proposals on those presented by the Basel Committee on Banking Supervision in December last year.
“Deposit-taking institutions and insurance companies need clarity on how to address crypto asset exposures when it comes to capital and liquidity. We look forward to giving them that clarity through these new guidelines that reflect industry input and international standards,” he said. Peter Routledge, Superintendent of Financial Institutions.
The statement further highlighted that the new guidelines propose a simplified approach and a comprehensive approach, depending on the extent of an institution's exposure to crypto assets.
“Both guidelines detail four classifications of crypto assets and the capital treatment for each. The banking guideline reflects the December 2022 BCBS banking standard. The insurance guideline incorporates the relevant parts of the BCBS standard with adjustments to suit the specific context of the insurance industry,” it said.
