During its latest meeting, the Basel Committee on Banking Supervision assessed the treatment of permissionless blockchains and stablecoin classifications. Last December, the Committee published the final rules for bank capital requirements when engaging with crypto-assets. It allowed most tokenized securities to be treated as low risk, similar to traditional securities.
However, the final publication had reservations regarding public blockchain. It stated in December, “The Committee will continue to reflect on whether the risks posed by cryptoassets that use permissionless blockchains can be sufficiently mitigated to allow for their inclusion in Group 1 (lower risk) and, if so, what adjustments to the classification conditions would be needed.”
The latest announcement yesterday implies that additional rules might be coming down the line for permissionless blockchains. The Committee said there would be a further consultation for ‘any potential revisions’. It added that the Committee assessed the eligibility criteria for Group 1 (lower risk) stablecoins without providing further details.
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