JPMorgan calls for regulatory quick fix for crypto hedging

FILE PHOTO: A sign outside the headquarters of JP Morgan Chase & Co in New York, September 19, 2013. REUTERS/Mike Segar/File Photo

LONDON (Reuters) - New rules are needed urgently to give banks certainty in handling cryptoassets on behalf of big customers who want to enter the rapidly evolving market, a senior executive from U.S. bank JPMorgan Chase said on Tuesday.

The largely unregulated $2.7 trillion cryptoasset sector, which includes bitcoin, is still relatively small, but there are currently no bespoke rules on how much capital banks should set aside to cover activities in the sector.