Australian supervisory authority calls on banks to handle crypto carefully

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Von: Krypto News Österreich

  • The chairman of the Australian supervisory authority Wayne Byres said that a letter to the financial institutions would provide more clarity
  • It is not expected that the letter will introduce new regulatory requirements, said the chairman

One of the most important Australian financial supervisory authorities said on Thursday that it was in the final phase of publishing a letter to financial institutions in which their expectations for dealing with digital assets in the country are presented.

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APRA's letter follows the example of the UK when publishing an explanation, in which it is explained in detail how digital assets such as Bitcoin, stable coins and non -fungible token could be a risk of financial stability, he said.

"Similar to our approach to climate risk, [The Letter’s] The underlying message is primarily:" In any case, innovate, but take care of the risks with care and in full knowledge.

The speech by BYRES also follows a recent announcement by the federal government to introduce laws that strive for licensing and custody measures for the burgeoning digital asset industry in the country. The government also considers changes in the way the aspiring asset class is taxed.

The letter will not introduce any new regulatory requirements, said BYRES. The news of the regulatory authority comes at a time when financial institutions have been looking for opportunities to offer their customers crypto.

Last month said Sophie Gilder, Managing Director of Blockchain and Digital Assets at one of the "Top-4" banks in Australia according to assets, the Commonwealth Bank that the experience of their institution with crypto was "overwhelmingly positive".

CBA already announced in November that it would start its crypto pilot program Customers gives the opportunity to buy, sell and keep digital assets directly via the Commbank app of the bank.

After the start in December, the bank was the first of its kind in Australia to offer its customers crypto products directly. Apra now fears that other regulated institutions could be tempted to follow the example of the bank by offering these products.

As a further sign of uncertainty for crypto, which is presented by the country's supervisory authorities, the Australian Securities and Investments Commission - another important watch dog - is prepared by the Commbank headache.

According to reports, legal discussions are delayed by the banking of the bank's offer for customers, which focuses on the wording of its product open declaration Australian financial report Reported.

While the chairman recognizes the role of his agency as a mandate to promote financial stability in the country, this mandate does not mean the restriction of innovations "with a view to maintaining the status quo".

"If the technology can create a financial system that is actually better, safer and more efficient, our task is to accept the changes to the benefit of the Australian community," he said.

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The contribution Australian Regulator ASKS Banks to 'Proceed with Care' Over Crypto is not a financial advice.