A plethora of regulatory frameworks will soon descend on Bitcoin (BTC) and cryptocurrencies. In the European Parliament, in addition to the MiCA regulation issuea new obligation proposed by the Basel Committee could be adopted. This risks negatively affecting banking establishments wishing to keep or offer digital assets.
The ECB hates cryptocurrencies
It is more specifically aboutimpose a maximum risk weighting – of 1250% – for crypto-assets held by a bank. If this new imperative is still in discussion in the European Parliament, and therefore still a long way from entering into force, the European Central Bank (ECB) no longer wants to waste time nipping the young sector in the bud. The main risk of such a measure is that it would force any bank wishing to hold cryptocurrencies to hold collateral equivalent to them. Moreover, these crypto-friendly banks would not be allowed to hold more than 1% of their assets in cryptocurrencies.
As CoinDesk reports in particular, European central bankers want go before the law and force the banks to apply the latter even before they are passed. According to the ECB, if the new standard desired by the Basel Committee is not “not yet legally binding” (since not passed), European banks should already comply.
Fortunately, the ECB has already explained that in its eyes Bitcoin is “insignificant”otherwise one would think that fighting cryptos is his only obsession.
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