The Group of Central Bank Governors and Heads of Supervision (GHOS) has reviewed the implementation of Basel III reforms and postponed the crypto asset standard implementation date to January 1, 2026. Basel III, finalized in 2017, continues to see widespread adoption, with two-thirds of member jurisdictions expected to implement the reforms fully or partially by the end of this year. The remaining members plan completion by next year.
Global Banking Authorities Extend Crypto Regulatory Framework Deadline
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GHOS has emphasized the need for a consistent and timely application of all Basel III standards, driven by recent financial market instabilities that underscore the necessity of a robust regulatory framework. In terms of crypto assets, the GHOS supported delaying the prudential standard to allow for additional time to accommodate necessary adjustments and ensure thorough, uniform application among members. This decision aligns with ongoing assessments and possible revisions of the cryptoasset standard expected later this year.
