Although the Basel Committee on Banking Supervision focused on a variety of risks in its statement on crypto-assets, however, it rightly noted the steady growth in recent years, including an increase in the number of platforms for trading with crypto-assets and the appearance of new financial products associated with them. Such a serious attitude of the most authoritative financial institutions guaranties the big potential of blockchain technologies.
Minimization of risks for banks
Today, many banks that want to keep up to date, decide on the introduction of services related to crypto-assets. As part of its statement, the Basel Committee offers such banks a number of risk management measures:
- Comprehensive market analysis;
- Integrating the banking risk management framework for crypto-assets into general risk management processes (including increased monitoring of fraud, processes related to the prevention of money laundering and the fight against the financing of terrorism, etc.);
- Disclosure of risk information;
- Timely inform regulatory authorities about actual or planned implementation of crypto-assets.
The legal background
Taking into account the constant development of the market of crypto-assets and the lack of standardization, the effective trade and exchange are only possible with the help of professionals at each and every stage of performing such activities.
SBSB provides a wide range of services in the field of blockchain technologies, including the choice of jurisdiction for doing business, registration of companies, obtaining licenses and full legal support for ICO. Do not miss the opportunities of a new stage of technology, enlist the support of experts!