BCBS: European banks hold approximately €3.7 billion in digital assets under custody

The Basel Banking Supervision Committee (BCBS) released its latest Basel III regulatory report today, which collected data from 177 banks worldwide. The data shows that US banks are basically not involved in the custody industry, with only 11 banks holding 11 million euros in custody. This is mainly due to SEC accounting rules prohibiting US banks from providing custody of digital assets. European banks dominate the digital asset custody industry, with custody of 3.7 billion euros, almost all of which are spot cryptocurrencies. "Other regions of the world" have two banks that provide custody services worth 665 million euros, including spot cryptocurrencies.