On Thursday, the Australian Prudential Regulation Authority (APRA) outlined a set of initial risk management expectations and a policy roadmap.

⠀

In a letter from APRA Chair Wayne Byres, he stressed the importance of dealing with crypto assets carefully with “appropriate due diligence and a comprehensive risk assessment.” He also stated it would be difficult for the authorities to identify and manage the risks without appropriate guidelines.

⠀

The policy roadmap shared plans to introduce operational risk standards by 2024 and the following year, crypto-asset requirements and stored value facility standards. APRA also mentioned it will explore “possible approaches to the prudential regulation of payment stablecoins, among others.” 

⠀

Especially since the start of 2022, the crypto industry has been rapidly growing in Australia. Just last month, FTX launched its crypto exchange services in the country, after it, alongside Binance and other major exchanges, got granted global crypto licenses.

⠀

Earlier this week, it was also announced that 21Shares, which has $2.5 billion in assets under management with 30 global exchange-traded products, plans to launch Australia's first spot exchange-traded products for bitcoin and ether on April 27th.

⠀

For more from us at Waivly, join our free fun-to-read and to-the-point newsletter enjoyed by hundreds of people across the internet every day of the week 👇