The Group of Central Bank Governors and Heads of Supervision (GHOS), overseeing the Basel Committee on Banking Supervision, has decided to extend the deadline for banks to comply with new crypto asset regulations by one year. The revised deadline for implementation is now set for January 1, 2026.

Initially introduced in December 2022, these standards were designed by the Basel Committee to address financial risks associated with crypto assets, aiming to foster responsible innovation within the banking sector. The extension of the deadline is intended to provide member countries with additional time to establish a unified regulatory framework for crypto assets, promoting a more consistent regulatory environment globally and enhancing overall economic stability.

This decision reflects a cautious regulatory approach towards crypto assets, emphasizing the importance of striking a balance between fostering innovation and safeguarding financial stability. The extended timeline for banks allows for better preparedness to adhere to the forthcoming rules, ensuring a smoother transition to the new regulatory landscape.