Published: 07.04.2022
Article reading time:
2 minutes.
The Australian Prudential Regulatory Authority (APRA) said that despite its supervisory functions, the agency will not restrict the development of the crypto industry.
APRA Chairman Wayne Byres told the American Chamber of Commerce that the agency wants to provide institutions, including banks and pension funds, with “greater clarity” on crypto and financial regulation. Byres said APRA is finalizing a special letter outlining officials’ expectations for how digital assets should be handled.
The decision to send out APRA notices follows a similar mailing by the UK authorities detailing why digital assets (bitcoin, stablecoins, non-fungible tokens) could pose a risk to financial stability.
“The main message of the letter is: By all means, innovate, but proceed with caution and with a full understanding of the risks. This has been our approach to climate risk,” Byres explained.
According to the chairman of APRA, we are not yet talking about the introduction of new regulatory requirements. The agency only wants to help banks competently offer cryptocurrency to their customers. The head of APRA acknowledged that his agency is in favor of maintaining financial stability in the country, but is not going to interfere with the restriction of innovation “in order to maintain the status quo”:
“If technology can create a financial system that is truly better, safer and more efficient, our job is to embrace change for the benefit of the Australian community.”
In February, the management announced the need to develop regulation of the blockchain and cryptocurrencies to promote innovation and protect the interests of users.
Source: Bits
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