On 13 May 2024, the Basel Committee on Banking Supervision (BCBS) published a press release on the outcome of the meeting of the Group of Central Bank Governors and Heads of Supervision (GHOS), the BCBS oversight body. The key issues discussed were:
- Basel III implementation: According to the press release, members have continued to make good progress with implementation. About two-thirds of member jurisdictions will have implemented all, or the majority, of the standards during 2024, with the remaining jurisdictions planning on doing so by 2025. GHOS members unanimously reaffirmed their expectation of implementing all aspects of the Basel III framework in full, consistently and as soon as possible.
- Cryptoasset standard: The GHOS agreed to defer implementation of the BCBS's prudential standard for banks' cryptoasset exposures by one year to 1 January 2026. The standard, which was endorsed by the GHOS in December 2022, provides a robust and prudent global regulatory framework for internationally active banks' exposures to cryptoassets which preserves financial stability while promoting responsible innovation. The revised implementation date will help to ensure that all members are able to implement the standard in a full, timely and consistent manner.
