Australia's financial regulator unveils cryptocurrency policy roadmap

As interest in digital assets and blockchain technology expand, Australia's financial regulator on Thursday has outlined a policy roadmap for an effective implementation of cryptocurrency-related activities. The Australian Prudential Regulation Authority ("APRA") is expecting its framework to come to fruition in 2025, according to a release. Although crypto-related activities are still "relatively limited in Australia, the potential scale and risks of such activities could become significant over time," the APRA said. Specifically, the APRA is planning to conduct consultations on requirements for the treatment of crypto exposures starting in 2023. It will also advance requirements for operational risk management in areas such as control effectiveness, businesses continuity and service provider management, the release said. A draft standard will be released in mid-2022. The APRA said it's also considering regulating stablecoins, or virtual tokens pegged to a more "stable" asset, as a means of payment, bearing "similarities with Stored-value Facilities" and APRA