Requirements Resulting from the Recommendations of the Basel Committee on Banking Supervision Regarding Cryptocurrencies

Crypto assets are one of the new phenomena of the present age, which, considering its history of less than a decade, has found a significant place in financial exchanges. This phenomenon, like all human evolutions, has positive and negative features, which only paying attention to its functional appeal and neglecting some destructive features can cause irreparable damage. Considering the fact that the entry of banks into this field is inevitable, the Basel Committee on Banking Supervision has taken steps to introduce precautionary recommendations and supervisory measures in order to protect the banking system and global financial stability. In response to the question of what requirements the Basel Committee has imposed on states in relation to crypto assets, this paper has undertaken to review the actions and documents of the committee in a descriptive-analytical way. What emerges from the analysis of the committee's documents is that the committee has clarified the precautionary standards for a certain group of crypto assets that have stable processes based on links with traditional assets, and the rest of the crypto assets have been left out of the scope of attention.