Banks across the globe lowered their exposure to certain crypto by 43.6% over the past year, the Bank for International Settlements (BIS) said Tuesday.

Total exposure to cryptocurrencies – both to cryptos directly and via derivative exposure – dropped from 61.7% in 2021 to 15.4% in 2022, a report by the Basel Committee on Banking Supervision (BCBS) showed. The change in banks' crypto exposure was mostly due to fewer banks responding to the BIS survey but also other factors like market conditions and banks reducing their exposure possibly due to the BCBS’s global crypto banking rules, the report said. The sample of banks that got involved went down from 182 banks to 126 banks.