The Office of the Superintendent of Financial Institutions (OSFI)said guidelines were for federally regulated deposit-taking institutions, that includes banks and credit unions, and another for insurers, on the regulatory capital treatment of crypto-asset exposures.
OSFI's Superintendent Peter Routledge said banks and insurers need clarity on how to treat crypto-asset exposures when it comes to capital and liquidity and the regulator looks to provide clarity through the new guidelines.
The two draft guidelines will be open for public consultation until Sept. 20 and is expected to come into effect in early 2025.
The new guidelines will replace the interim advisory on the regulatory treatment of crypto-asset exposures, published in August 2022, OSFI said.
The regulator in June raised the amount of capital the country's biggest lenders must hold as a stability buffer by 50 basis points to 3.5%, citing rising borrowing costs, high debt levels and stress on the financial system.
Reporting by Nivedita Balu in Toronto Editing by Marguerita Choy
Our Standards: The Thomson Reuters Trust Principles.
REUTERS
OSFI's Superintendent Peter Routledge said banks and insurers need clarity on how to treat crypto-asset exposures when it comes to capital and liquidity and the regulator looks to provide clarity through the new guidelines.
The two draft guidelines will be open for public consultation until Sept. 20 and is expected to come into effect in early 2025.
The new guidelines will replace the interim advisory on the regulatory treatment of crypto-asset exposures, published in August 2022, OSFI said.
The regulator in June raised the amount of capital the country's biggest lenders must hold as a stability buffer by 50 basis points to 3.5%, citing rising borrowing costs, high debt levels and stress on the financial system.
Reporting by Nivedita Balu in Toronto Editing by Marguerita Choy
Our Standards: The Thomson Reuters Trust Principles.
REUTERS