@$61027: Australian Watchdogs to Check CBA’s Crypto Offering Regulatory Implications

The Australian banking regulator is looking at the implications of Commonwealth Bank’s planned introduction of Bitcoin (BTC) trading to retail investors in terms of regulatory affairs. According to Reuters, the bank will become the first one to do so in the country.

Concerns are related to a lack of regulatory framework for cryptocurrencies in Australia, as these assets are not formally regulated in the country. CBA announced this week that it planned to introduce crypto services to retail customers in a maneuver that encourages regulators to assess the crypto market. The Australian Prudential Regulation Authority (APRA) is already aware of the plans and told Reuters that it is looking at the ‘regulatory issues’ it might bring to the table.

Initial plans said that CBA’s crypto trading service would be provided in partnership with Gemini Trust Company, which is one of the biggest cryptocurrency exchanges founded by the millionaires, the Winklevoss twins. “We would really welcome regulatory clarity for crypto assets. We think it would improve the market, enhance trust, and it would raise the bar in terms of customer protection,” Sophie Gilder, Commonwealth Bank’s head of Blockchain and the bank’s project leader, commented on the announcement.