Crypto-Follow logo Crypto-Follow logo
Seeking Alpha 2022-04-21 19:33:26

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

#
Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer