News View Non-AMP

Why Did Global Central Banks Extend Crypto Rules Deadline? Here’s the Truth

Published by
Qadir AK

In a notable development in global finance, the Group of Central Bank Governors and Heads of Supervision (GHOS) has decided to extend the deadline for implementing prudential standards concerning banks’ exposure to crypto-assets. Originally planned for enforcement by January 2025, the deadline has now been moved to January 1, 2026.

This shows us, once again, the urgent need for a unified global regulatory framework and enhanced stability in crypto.

Reviewing Progress

The decision to extend the deadline reflects the GHOS’s careful assessment of how member jurisdictions are progressing in adopting the new standards. Recognizing the different speeds at which countries are adapting their regulations, the extended timeline aims to promote fair competition and ensure greater stability in global markets.

It also highlights the importance of giving enough time for developing clear and consistent regulatory frameworks for dealing with crypto assets.

The Challenges Have Not Ended Yet

Tiff Macklem, Chair of the GHPS and Governor of the Bank of Canada, emphasized the importance of the extended implementation period.

“The extension will be of great help, in order to make sure that the implementation of the cryptoasset standard is both complete and uniform in all the member jurisdictions”

Macklem

Understanding the strategy

Extending the deadline for crypto regulation is part of the Basel Committee’s broader strategic effort to address emerging financial risks. With a focus on digitalization, climate-centric financial risks, and ongoing Basel III framework implementation from 2023 to 2024, the committee is actively working to stay ahead of evolving challenges – come what may!

The GHOS currently aims to mitigate potential vulnerabilities in the global banking system by evaluating the space and adapting regulatory measures. These measures are also meant to address risks arising from digital assets and other emerging factors.

Is a global approach to crypto regulation even possible? Tell us what you think.

Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

Recent Posts

XRP ETF News: Brazil World’s First Spot XRP ETF – XRPH11 is Now Live!

XRP News Today, April 26th : Brazil has officially launched the world’s first spot XRP…

April 26, 2025

DeFi Development Corp Files Form S-3 With U.S. SEC to Raise $1B To Purchase Solana (SOL)

DeFi Development Corp follows a similar approach to SOL Strategy to issue debt securities to…

April 26, 2025

Kraken Exchange to List Cardano-based Memecoin Snek on April 28: SNEK Price Gains Over 16%

The listing of SNEK on Kraken is a massive gain for the wider Cardano ecosystem.…

April 26, 2025

Uniswap (UNI) Price Forecast: Dead Cat Bounce or Momentum Shift Ahead?

UNI price has largely followed Ethereum price action in the ongoing wider crypto recovery. The…

April 26, 2025

Sui’s Skyrocketing Trend Now Eyes $5 Breakout: What’s Next for SUI Price?

Sui’s token price has been on a strong rally over the past few days. While…

April 26, 2025

SEC’s Atkins Signals Change in Crypto Policies, Says Agency Can Act Alone

At his first public event as SEC chairman, Paul Atkins made it clear he’s backing…

April 26, 2025