Circular NBB_2019_20 / Expectations Concerning Crypto-Asset Activities

The National Bank of Belgium requires Belgian insurance companies, credit institutions, securities firms, and related entities to avoid significant direct, indirect, or synthetic exposures to crypto-assets due to associated liquidity, credit, market, operational, and AML risks. Affected entities must implement enhanced due diligence, robust risk governance frameworks, and adequate capital and liquidity buffers, while disclosing significant exposures in periodic reports and notifying the regulator of existing activities by October 31, 2019. The circular mandates that institutions apply the most prudent treatment for crypto-assets in prudential reporting and demonstrates that risks are fully evaluated before engaging in such activities.

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NBB_2019_20 – July 19, 2019 Circular – Page 1/4 14 Berlaimont Boulevard – BE-1000 Brussels Tel. +32 2 221 24 33 Company number: 0203.201.340 RPM Brussels www.nbb.be

Circular
Brussels, July 19, 2019
Reference: NBB_2019_20
Your contact:
Thomas Bodequin
Tel. +32 2 221 53 65 thomas.bodequin@nbb.be

Expectations Concerning Crypto-Asset Activities

Scope

Belgian insurance and reinsurance undertakings, with the exception of small Belgian insurance undertakings referred to in Articles 275 and 276 and local Belgian insurance undertakings referred to in Article 294 of the Law of March 13, 2016 on the status and supervision of insurance or reinsurance undertakings (hereinafter "the Insurance Supervision Law").

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Lineage: In force

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Source: National Bank of Belgium — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works