and specify the accounting treatment for such exposures, consistent with domestic laws and regulations. The Committee does not possess any formal supranational authority and its decisions do not have legal force. Governance and risk management : The bank should have a clear and robust risk management framework that is appropriate for the risks of its crypto-asset exposures and related services. Right now theirs is insatiable appetite for Bitcoins I get it, apparently people are even buying them with their credit cards.
However, sentiments may turn since a Bitcoin has no intrinsic value just what the market is ready to pay. Thats not the same as a US dollar which allows you to pay for goods and services from governments (thats not nothing). Now that Bitcoin is at 15,000 forex de fils de jacko to grow a 100 would will take longer the speculators are certain to move on from the sure thing that was Bitcoin for the past 18 months. This is important stuff because the trick with fraud is to alter the ownership chain, but with thousands of identical lists, its impossible to update them all, and a fraud will be quickly revealed. Board and senior management should be provided with timely and relevant information related to the bank's crypto-asset risk profile.
Supervisory dialogue : The bank should inform its supervisory authority of actual and planned crypto-asset exposure or activity in a timely manner and provide assurance that it has fully assessed the permissibility of the activity and the risks associated with the intended exposures and services. Should this market decided that Bitcoin are not as interesting as they were, or rumors about liquidity emerge (as it did last week in Korea) and in a normal market prices should have dropped (this is not a normal market). Photo by Zach Copley.
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