{"id":1956,"date":"2022-02-17T02:32:47","date_gmt":"2022-02-17T02:32:47","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=1956"},"modified":"2022-02-17T02:32:48","modified_gmt":"2022-02-17T02:32:48","slug":"jpmorgan-global-regulation-urgently-needed-for-banks-to-help-clients-invest-in-crypto","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=1956","title":{"rendered":"JPMorgan: Global Regulation Urgently Needed for Banks to Help Clients Invest in Crypto"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p><strong>A globally consistent crypto regulatory framework is urgently needed to allow banks to handle crypto assets on behalf of large customers, said a JPMorgan executive. \u201cWe need a globally consistent regulatory framework. It\u2019s important that we get to a solution as quickly as possible.\u201d<br \/><\/strong><\/p>\n<h2>Global Regulatory Framework Urgently Needed to Allow Banks to Offer Crypto Exposure to Clients, Says JPMorgan<\/h2>\n<p>Debbie Toennies, managing director and head of Regulatory Affairs at global investment bank JPMorgan Chase &amp; Co., talked about global cryptocurrency regulation applicable to banks Tuesday at an event held by the International Swaps and Derivatives Association.<\/p>\n<p>The JPMorgan executive said that new rules are urgently needed to give banks certainty in handling crypto assets on behalf of large customers who seek exposure in this asset class.<\/p>\n<p>A growing number of large institutions, including hedge funds, are interested in investing and gaining exposure to the crypto asset class. According to Wells Fargo, cryptocurrency has entered the \u201chyper adoption phase.\u201d<\/p>\n<p>Noting that some very large players had asked JPMorgan to hedge their exposures to crypto assets, Toennies opined:<\/p>\n<p>I do think we need a globally consistent regulatory framework. It\u2019s important that we get to a solution as quickly as possible.<\/p>\n<p>Global banking regulators at the Basel Committee on Banking Supervision are discussing rules for banks to deal with crypto assets. In June last year, the Committee proposed dividing crypto assets into two groups and regulating them based on their market, liquidity, credit, and operational risks to banks. However, final rules are not expected until at least next year.<\/p>\n<p>Toennies revealed that the global investment bank has been talking to different jurisdictions about \u201cinterim treatment\u201d for crypto assets while waiting for the Basel Committee to establish applicable rules.<\/p>\n<p>The JPMorgan head of Regulatory Affairs detailed:<\/p>\n<p>The real risk to all of our economies is that if we don\u2019t get to a solution that allows banks to engage with our clients in a hedged way, this activity will go outside the regulatory perimeter, and I am concerned about financial stability.<\/p>\n<p><em><strong>Do you agree with JPMorgan about banks urgently needing clear rules on crypto? Let us know in the comments section below.<\/strong><\/em><\/p>\n<p>Kevin Helms <\/p>\n<p class=\"article__body__author__info__about\">\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.<\/p>\n<p><i class=\"td-icon-font td-icon-mail-1\"\/><\/p>\n<p class=\"images_credits\"><em>Image Credits: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n<p><strong>Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<p>More Popular NewsIn Case You Missed It<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/news.bitcoin.com\/jpmorgan-global-regulation-urgently-needed-for-banks-to-help-clients-invest-in-crypto\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A globally consistent crypto regulatory framework is urgently needed to allow banks to handle crypto assets on behalf of large customers, said a JPMorgan executive. \u201cWe need a globally consistent regulatory framework. It\u2019s important that we get to a solution as quickly as possible.\u201d Global Regulatory Framework Urgently Needed to Allow Banks to Offer Crypto [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1957,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[1],"tags":[],"class_list":["post-1956","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-updates"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/1956","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1956"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/1956\/revisions"}],"predecessor-version":[{"id":1958,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/1956\/revisions\/1958"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/1957"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1956"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1956"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1956"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}