Finance industry warns against ‘unnecessarily restrictive’ crypto capital rules

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Industry groups representing banks, asset managers and the blockchain industry told the Basel Committee on Banking Supervision: Authorized proposal It would be too expensive for banks to join the fast-growing crypto industry and related technologies.

In a letter sent Monday and seen by the Financial Times, the group said the group’s proposal to cover the $ 2 trillion crypto industry was “very conservative and simple, effectively involving banks in the crypto asset market. It will hinder it. “

Industry groups have told regulators that given the rapid development of the crypto market outside the scope of current regulation, there are “specific measures of urgency to allow monitored banks to participate.” I urged you to act quickly.

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