By Elizabeth Howcroft

(Reuters) -A group of finance industry bodies is calling for a rethink on looming regulatory standards that they say will make it difficult for banks to participate in crypto markets.

The Basel Committee on Banking Supervision, which comprises regulators and central banks from the world’s main financial centres, agreed a set of standards in 2022 for how banks should manage and disclose risks around their exposure to crypto assets.

In an open letter to the committee, various finance industry groups said that the crypto market has changed since 2022, making the proposed standards too conservative.

While the crypto market remains a small part of the overall financial system, it has grown rapidly in recent years, with cryptocurrency prices reaching record highs. It ha

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