25% Off Ends InConsensus 2024 Flash Sale
00DAYS
00HR
00MIN
00SEC

Australian Regulator Tells Banks to Report Exposure to Startups and Crypto-Related Business: Report update

The move comes in the wake of Silicon Valley Bank's collapse and global lender volatility, the Australian Financial Review reported Tuesday.

AccessTimeIconMar 22, 2023 at 11:13 a.m. UTC
Updated Apr 3, 2023 at 11:57 a.m. UTC
Static Headline: Amazing Event
Static Subheadline: Oct 24, 2023 - City, StateStatic description: Where the industry establishes the digital economy’s legal, regulatory and compliance best practices for the future.Subscribe Today

Australia's Prudential Regulation Authority (APRA) has asked banks to report their exposure to startups and crypto-related business, in some cases on a daily basis, the Australian Financial Review (AFR) reported, citing sources.

The (APRA) is an independent authority accountable to the Australian Parliament and is concerned with maintaining the safety and soundness of financial institutions to protect the interests of depositors and other stakeholders.

embeddable chart - height 100%

The APRA has "begun asking banks to declare their exposures – in some cases daily – to start-ups and crypto-focused ventures," AFR cited the sources as saying.

The banks have also been told to "improve their reporting around crypto assets" as the APRA seeks to gain more insight into exposures and vulnerabilities in the system in the wake of the recent collapses of crypto banks.

When contacted by CoinDesk, APRA referred to its statement last week that the regulator is intensifying supervision of the local banking industry and is seeking more information from them on any potential impacts.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.