Australian banks looking to offer crypto services face regulatory hurdles
The Australian Financial Services Authority has put on hold Commonwealth Bank of Australia's current pilot program to allow users of its banking app to hold and trade cryptocurrencies, highlighting the hurdles facing banks in Australia.
Commonwealth Bank's crypto services are delayed
As reported by the Australian Financial Review, the Australian Securities and Investments Commission (ASIC) disagreed with the bank on product disclosure, target market, and consumer protection. As a result, the second pilot has been postponed as the bank is currently receiving feedback from regulators to adjust its product offering.Since November, the bank has already been planning to offer cryptocurrencies to its customers. It has partnered with crypto exchange Gemini and intelligence firm Chainalysis to exchange and store cryptocurrencies. Customers can choose from ten different digital assets, including bitcoin and ether.
Financial institutions will soon have more regulatory clarity
After regulators delayed Commonwealth Bank's ambitions, Australian regulator ARPA announced Thursday that it is close to finalizing a letter to financial institutions defining its expectations for handling digital assets in the country. No new regulatory requirements are expected to be introduced due to the letter.APRA also responded to CommonWealth Bank's proposals, expressing concern that offering these products could tempt other regulated institutions to follow the bank's lead. However, the regulator mentioned that it does not want to slow down innovation but proceed with caution and complete knowledge of the risks involved.
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