Singapore took part in the Basel Committee on Banking Supervision (BCBS)'s framework for banks’ exposure to crypto. It is expected to release its final framework at the end of the year. File photo: Dado Ruvic, Reuters.
Banks in Singapore must hold $125 of capital for every $100 of exposure to crypto-assets such as bitcoin because of their risk, according to a report by CryptoSlate, which noted a written response to Parliament by Senior Minister Tharman Shanmugaratnam said on November 28, who said banks in the island-nation had “insignificant” exposure to crypto.
Shanmugaratnam, the minister overseeing the Monetary Authority of Singapore, said the exposure level to crypto was “less than 0.05% of their total risk-weighted assets”, but the financial regulator required the highest risk weight under the Basel Committee on Banking Supervision framework (of 1250%) for crypto-assets, it said.
Read the full report: CryptoSlate.
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