Global bank regulators are warning about crypto assets for the 1st time
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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