Lawmakers, regulators start crackdown on crypto

The value of Bitcoin, the largest cryptocurrency, has varied wildly. (Image: Getty)

Thu, 02 Feb 2023

Early signs of a crackdown on cryptocurrencies are starting to emerge internationally in the wake of the collapse of crypto exchange FTX late last year.On Jan 24, the European parliament’s economic affairs committee approved a draft law that would require banks holding cryptocurrencies to back them with “prohibitive” capital requirements – the banks would have to risk-weight any crypto holdings at 1,250%.According to Reuters, the draft law is implementing Basel III capital rules from January 2025.To put that 1,250% in co...

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