Crypto crackdown in Australia as regulators fear SVB-style contagion
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Loading... - George Harper
- 22 Mar 2023
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The Australian Prudential Regulation Authority (APRA) has increased its supervision of banks in the country after Silicon Valley Bank (SVB) collapsed and Credit Suisse experienced outflows from its customers.
The regulator has begun asking banks to declare their exposures to start-ups and crypto-focused ventures, with some banks required to provide daily updates. The move is aimed at gaining insight into vulnerabilities in the system and improving reporting around crypto assets.
Concerns have been raised about the impact of increased oversight on the ability of start-ups to access banking services, potentially freezing the sector. Read More..
