On 13 May 2024, the Basel Committee on Banking Supervision (Basel Committee) issued a press release confirming that the Group of Central Bank Governors and Heads of Supervision (GHOS), the oversight body of the Basel Committee, met on 13 May 2024. It states that the GHOS welcomes the progress made in implementing Basel III and reiterates the Basel Committee’s expectation to implement all aspects of the Basel framework in full, consistently, and as soon as possible.

The press release also confirms an updated implementation timeline for the cryptoasset standard to 1 January 2026. The standard, which was endorsed by the GHOS in December 2022, provides a robust and prudent global regulatory framework for internationally active banks’ exposures to cryptoassets which preserves financial stability while promoting responsible innovation. As part of its ongoing monitoring of cryptoasset market developments, the Basel Committee consulted on a set of targeted revisions to the standard in December 2023. It will discuss whether to make any revisions to the standard later this year.