The Australian Regulator Lays Out A Roadmap For Crypto Policy.
The Australian Prudential Regulation Authority (APRA) has released its initial risk management and crypto policy plan until 2025.
The Australian Prudential Regulation Authority (APRA) is an independent statutory body that oversees the sectors involved in financial system stability in Australia. Before engaging in crypto-related operations, all regulated businesses are required to complete a comprehensive risk assessment, according to the new plan.
Wayne Byres, the authority’s chairman, said:
“The APRA is developing the longer-term prudential framework for crypto-assets and related activities in Australia in consultation with other regulators internationally, to ensure consistency in approach,”
They will also be responsible for ensuring that the Australian Securities and Investments Commission (ASICdisclosure )’s and compliance obligations are met.
Byres also stated that the Basel Committee on Banking Supervision is now commenting on how authorized deposit-taking institutions will approach crypto assets (ADIs). “This will serve as the foundation for globally agreed minimum standards for ADIs, as well as a starting point for prudential expectations for other APRA-regulated industries,” he said.
ANZ became the first bank to issue the Australian dollar stablecoin A$DC last month. Meanwhile, the Commonwealth Bank of Australia is said to be in talks with regulators about expanding new crypto services to individual investors.
These guidelines will cover everything from crypto investing to issuance, lending, and other digital asset-related operations.
The regulatory advise comes as Australia prepares to approve the country’s first bitcoin exchange-traded funds (ETFs). Cosmos Asset Management plans to launch its Cosmos Purpose Bitcoin Access ETF on April 27, and 21Shares plans to launch its bitcoin and Ethereum ETFs on April 27.
Since late last year, Australia has begun tightening its regulatory system. “We’re interested in any sort of new innovation where we think there are real benefits of innovation being within our regulatory regime,” ASIC commissioner Cathie Armour said at a recent crypto summit. There are a number of rules that must be followed.”
Australia recently suggested regulations on cryptocurrency taxes, investor protection against fraudsters, and ways to govern digital banks, cryptocurrency exchanges, and brokers.
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The Australian Regulator Lays Out A Roadmap For Crypto Policy.
The Australian Prudential Regulation Authority (APRA) has released its initial risk management and crypto policy plan until 2025.
The Australian Prudential Regulation Authority (APRA) is an independent statutory body that oversees the sectors involved in financial system stability in Australia. Before engaging in crypto-related operations, all regulated businesses are required to complete a comprehensive risk assessment, according to the new plan.
Wayne Byres, the authority’s chairman, said:
“The APRA is developing the longer-term prudential framework for crypto-assets and related activities in Australia in consultation with other regulators internationally, to ensure consistency in approach,”
They will also be responsible for ensuring that the Australian Securities and Investments Commission (ASICdisclosure )’s and compliance obligations are met.
Byres also stated that the Basel Committee on Banking Supervision is now commenting on how authorized deposit-taking institutions will approach crypto assets (ADIs). “This will serve as the foundation for globally agreed minimum standards for ADIs, as well as a starting point for prudential expectations for other APRA-regulated industries,” he said.
ANZ became the first bank to issue the Australian dollar stablecoin A$DC last month. Meanwhile, the Commonwealth Bank of Australia is said to be in talks with regulators about expanding new crypto services to individual investors.
These guidelines will cover everything from crypto investing to issuance, lending, and other digital asset-related operations.
The regulatory advise comes as Australia prepares to approve the country’s first bitcoin exchange-traded funds (ETFs). Cosmos Asset Management plans to launch its Cosmos Purpose Bitcoin Access ETF on April 27, and 21Shares plans to launch its bitcoin and Ethereum ETFs on April 27.
Since late last year, Australia has begun tightening its regulatory system. “We’re interested in any sort of new innovation where we think there are real benefits of innovation being within our regulatory regime,” ASIC commissioner Cathie Armour said at a recent crypto summit. There are a number of rules that must be followed.”
Australia recently suggested regulations on cryptocurrency taxes, investor protection against fraudsters, and ways to govern digital banks, cryptocurrency exchanges, and brokers.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Patrick
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