Canadian Regulator Seeks Feedback on Disclosure Rules for Bank Crypto Exposures

• Canada's Office of the Superintendent of Financial Institutions (OSFI) is seeking feedback on disclosure requirements for local banks and insurers exposed to crypto.
• The consultation is being conducted in parallel with a similar one by the Basel Committee on Banking Supervision (BCBS).
• The OSFI aims to combine feedback from the consultation with developments from the BCBS to establish appropriate public disclosure expectations for Canadian banks and insurers.
• The regulator wants to identify technical adjustments to the BCBS requirements to suit the local context and ensure proportionality of disclosures.
• The BCBS has proposed a risk weight of 1250% for volatile assets like bitcoin and requires banks to disclose any exposure to crypto.
• The public can submit comments on the requirements to OSFI until Jan. 31, 2024.

The article provides information about the OSFI seeking feedback on disclosure requirements for banks and insurers exposed to crypto. The tone of the article is neutral, presenting the facts without expressing a positive or negative sentiment.