Australian Regulator Develops New Policy Roadmap for Crypto

cryptonews.com:

The Australian Prudential Regulation Authority (APRA) released a set of initial risk management expectations for all regulated entities involved in activities related to cryptoassets. The regulator also issued a policy roadmap until 2025.

In its letter, APRA says it expects all regulated entities to adopt a prudent approach when undertaking activities associated with cryptoassets. The regulator requests such entities to ensure any risks are well understood and well managed before new initiatives are launched.

The regulator says it is developing a long-term prudential framework for cryptoassets and related activities in consultation with other regulators from abroad.

Under its policy roadmap, APRA intends to:

According to the letter, APRA expects all regulated entities to:

APRA acts as the prudential regulator of the financial services industry in Australia. The agency oversees banks, credit unions, building societies, various insurance industry players, as well as most members of the superannuation industry. APRA supervises institutions that hold an aggregate AUD 7.9tn (USD 5.9tn) in assets for Australian depositors, policyholders, and superannuation fund members, according to data from the regulator.____Learn more:- First Australian Bitcoin ETF Comes to Cboe- Regulators Learning from Crypto to Take on Pump and Dumps in Stocks- SEC Faces Storm of Criticism from Crypto Sector, Lawmakers over ‘Exchange’ Re-definition Plans- Argentina Launches Regulatory Sandbox for Crypto Innovators & Investors- IMF’s DeFi Governance Recommendations Include These Two Steps