Central bank governors to implement Basel III in fully by 2024

The Group of Central Bank Governors and Heads of Supervision (GHOS) said that more than two-thirds of member countries plan to implement Basel III in full by 2024. The European Union (EU) and Britain, both members of Basel and GHOS, have said they aim to implement the remaining rules by the start of 2025, with the EU proposing several changes. GHOS unanimously urged member countries to implement the final leg of Basel III, a suite of tougher capital requirements set up in response to the global financial crisis over a decade ago, as fast as possible and in full. The global Basel Committee made up of banking regulators from the world’s main financial centres, has proposed punitive capital charges on unbacked cryptoassets like bitcoin. The GHOS tasked the Committee with finalising such a framework around the end of this year.