{"id":57024,"date":"2022-02-02T15:42:37","date_gmt":"2022-02-02T13:42:37","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=57024"},"modified":"2025-09-04T09:26:13","modified_gmt":"2025-09-04T06:26:13","slug":"australia-to-develop-regulatory-framework-for-blockchain-and-cryptocurrencies","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/australia-to-develop-regulatory-framework-for-blockchain-and-cryptocurrencies\/","title":{"rendered":"Australia to develop regulatory framework for blockchain and cryptocurrencies"},"content":{"rendered":"<p>The Australian Prudential Regulation Authority (APRA) will tighten the regulatory framework in response to new business models focused on digital assets, the <a href=\\\"https:\/\/www.afr.com\/companies\/financial-services\/apra-says-crypto-will-force-changes-to-the-regulatory-architecture-20220202-p59t77\\\">Financial Review<\/a> reports.<\/p>\n<p>\\n\\n<\/p>\n<p>The initiative, added to the body&#8217;s priorities for this year, aims to safeguard financial stability and support innovation.<\/p>\n<p>\\n\\n<\/p>\n<p>APRA is working closely with other members of the Regulators&#8217; Council and with international partners. The latter are currently preparing, among other things, a set of rules for handling digital assets with respect to banks.<\/p>\n<p>\\n\\n<\/p>\n<p>The document references the Basel Committee on Banking Supervision&#8217;s <a href=\"https:\/\/u1f987.com\/en\/news\/basel-committee-to-discuss-development-of-cryptoasset-rules\">&#8220;technologically neutral approach&#8221;<\/a>. It proposes applying the same capital and liquidity requirements to digital assets, provided they present the same risk as traditional assets.<\/p>\n<p>\\n\\n<\/p>\n<p>The regulator pledged to simplify prudential frameworks for small firms, &#8220;reducing the burden where possible, without compromising safety&#8221;.<\/p>\n<p>\\n\\n<\/p>\n<p>APRA acknowledged that blockchain adoption for digitising operations could improve regulation. To implement this approach, consultative groups will be formed to study the potential of solutions for &#8220;suptech&#8221; (pension tech) and &#8220;regtech&#8221; (regulatory technology).<\/p>\n<p>\\n\\n<\/p>\n<p>Earlier in October 2021, the Australian Securities and Investments Commission <a href=\"https:\/\/u1f987.com\/en\/news\/australian-regulator-lays-out-rules-for-crypto-etfs\">published<\/a> a set of requirements for crypto-based <a href=\"https:\/\/u1f987.com\/en\/news\/what-is-a-cryptocurrency-etf\">ETP<\/a> seeking admission to trading on stock exchanges.<\/p>\n<p>\\n\\n<\/p>\n<p>Earlier, the local blockchain association <a href=\"https:\/\/u1f987.com\/en\/news\/in-australia-calls-for-a-safe-harbour-for-cryptocurrencies\">called on<\/a> authorities to create a &#8216;safe harbour&#8217; for digital assets.<\/p>\n<p>\\n\\n<\/p>\n<p>Subscribe to ForkLog&#8217;s channel on <a href=\\\"https:\/\/www.youtube.com\/channel\/UCC9FnXTC8_ENzaNSO5cHQ6g\\\" target=\\\"_blank\\\" rel=\\\"nofollow noopener\\\"> YouTube<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Australian Prudential Regulation Authority (APRA) will tighten the regulatory framework in response to new business models focused on digital assets, the Financial Review reports.<\/p>\n","protected":false},"author":1,"featured_media":57025,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[108,36],"class_list":["post-57024","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-australia","tag-regulation"],"aioseo_notices":[],"amp_enabled":true,"views":"9","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/57024","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=57024"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/57024\/revisions"}],"predecessor-version":[{"id":57026,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/57024\/revisions\/57026"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/57025"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=57024"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=57024"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=57024"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}