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APRA: no new regulatory requirements for crypto
8 April 2022
APRA is drafting a letter to banks laying down its expectations around crypto assets but will not introduce any new regulatory requirements.
“Much like our approach to climate risk, its underlying message is primarily one of ‘by all means innovate, but proceed with care and in full knowledge of the risks’,” APRA chairman Wayne Byres said in a speech in Sydney on Thursday.
APRA said it would balance the opportunities with risks as it lifted monitoring of the space. Mr Byres said the market is at an “inflection point” and future regulation must consider that the “function and the entity are increasingly separate and that is going to challenge a lot of the ways in which we do things.”
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