OSFI Calling for Comments on Guidelines for Reporting Crypto Exposure in Canadian Banking

The Office of the Superintendent of Financial Institutions (OSFI), Canada's banking regulator, is seeking comments on guidelines for the reporting of cryptocurrency exposure by banks. The regulator stated that digital innovation has transformed how financial transactions are conducted, but it has also introduced risks to the financial system, citing recent events in the crypto space. The OSFI believes that public disclosures will enhance transparency, comparability of data, and market discipline to ensure a safer financial system. The draft guidelines are expected to be published by the autumn of 2024, with final rules communicated the following year. The OSFI plans to incorporate feedback from its consultation with developments from the Basel Committee on Banking Supervision (BCBS). The regulator has posed three questions to gather feedback from interested parties, and comments are due by January 31. Read more AI-generated news on: https://app.chaingpt.org/news