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A first-of-its-kind study published by the Basel Committee on Banking Supervision details that the world’s largest financial institutions are exposed to roughly €9.4 billion (US$9 billion) in crypto assets. The research paper authored by the Basel Committee’s secretariat Renzo Corrias further explains that out of all the banks’ total risk
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The great majority of exposures are bitcoin and ether or instruments based on those two currencies, the study said. The figures are dominated by services banks provide for others, such as custody, clearing, and market making. Only a handful of banks are fully involved in directly holding or lending crypto. Source
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Holdings for unbacked crypto would be limited to 1% of a lender’s capital, under plans put out for consultation Thursday Source
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The Basel Committee on Banking Supervision met Friday and discussed cryptocurrency, among other topics. The committee stated that it would soon publish its second consultative paper with the intention of finalizing guidelines on the prudential treatment of crypto exposure by banks by year-end. In a Tuesday press release, the committee issued
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"The committee plans to publish another consultation paper over the coming month, with a view to finalizing the prudential treatment around the end of this year," it said. Since 2008, the Basel, Switzerland-based organization has steadily toughened banks' capital requirements to avoid a repeat of the financial crisis. Source
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This week, “Opinionated” hosts Ben Schiller, Anna Baydakova and Danny Nelson are talking about Art Basel Miami Beach, the annual international art fair that took place in Florida last week.Danny was reporting from the ground: This year, a new kind of art made its way to Miami, under the picky
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Selviz, who did his first NFT drop about a month ago at NYC.NFT, is also the founder of the RENDRD Foundation (not to be confused with RNDR, the token), whose main goal is to provide access to underrepresented communities, such as Black youth, within the digital animation industry. Original Source
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On December 2nd at Art Basel Miami, the very first Ross Ulbricht non-fungible token (NFT) collection will be showcased at the event and auctioned via Superrare. The proceeds from the auction will support Ross Ulbricht’s freedom efforts and a donor-advised fund called Art4giving, which helps support people who have incarcerated
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In Tuesday’s statement, the Basel Committee said its members had reiterated the importance of “developing a conservative risk-based global minimum standard” to manage risks to the banking system from crypto assets that is consistent with the general principles laid out in its previous consultation. Original Source
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The two projects said Thursday the show, in a 2,500-square-foot exhibition space carved out for NFTs, will feature artworks, some interactive, from artists using the Tezos platform. It will also include speakers and panel discussions discussing issues related to NFTs’ expanding presence in the art world. Original Source
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