The European Insurance and Occupational Pensions Authority (EIOPA) has recommended a blanket 100% capital requirement for insurers’ crypto exposures in its advice on standard formula capital treatment. The technical advice aims to prevent spillovers from crypto volatility into the insurance sector by applying an undiversified 100% stress to crypto exposures. The proposal will feed into Solvency II delegated rules and is likely to face debate in EU policymaking forums ahead of final adoption.