The Australian regulator (APRA) plans to change the existing regulatory framework due to the emergence of new business models with a focus on digital assets. This information is reported financial review.
The essence of the initiative is to protect financial stability and support innovation. APRA is currently working closely with other members of the Regulatory Council and international partners. It is on the part of the latter that the active preparation of rules for working with digital assets in relation to banks is taking place.
As a reminder, in 2018:
Australia tightens tax control of the cryptocurrency market
According to the regulator, the scope of supervision for small firms will be simplified, “the burden is reduced where possible, without compromising security.”
APRA also understands that using blockchain to digitalize transactions can improve the quality of the regulatory process. To implement this approach, advisory groups will be established to explore the potential of suptech (retirement insurance technology) and regtech (technologies to facilitate regulatory compliance) solutions.
Australia’s message about regulating cryptocurrencies appeared first on Cryplogger.