On January 31, the Institute of International Finance, in a joint working group with other trade associations, submitted our response to the Basel Committee on Banking Supervision’s (BCBS) consultation on the disclosure of cryptoasset exposures. This broad group encompasses many sectors across the industry, offering a comprehensive, global response grounded on a broad scope of expertise to the Consultation.

While we support the development of responsible, well-balanced disclosures of cryptoasset exposures, the industry highlights a number of concerns with the general policy approach, and level of detail, reflected in the Consultation’s proposed disclosure requirements which are outlined in this response. The proposed disclosure framework may hinder the adoption of innovative technologies and banks' engagement in crypto markets and ultimately may impact the safe and responsible development of a sound global cryptoasset market. This could detrimentally affect the overall transparency and stability of the market, as well as associated resource allocation by investors and market participants. We look forward to continued engagement with the Basel Committee in order to determine the most efficient and appropriate disclosure framework.