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Australian Regulator Tells Banks to Report Exposure to Startups and Crypto-Related Business: Report
The move comes in the wake of Silicon Valley Bank's collapse and global lender volatility, the Australian Financial Review reported Tuesday.
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.
STORY CONTINUES BELOW
The APRA has "begun asking banks to declare their exposures – in some cases daily – to startups 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.
Read More: Australia's Treasury and Reserve Bank Held Consultations With Coinbase, Others
Amitoj Singh
Amitoj Singh is a CoinDesk reporter focusing on regulation and the politics shaping the future of finance. He also presents shows for CoinDesk TV on occasion. He has previously contributed to various news organizations such as CNN, Al Jazeera, Business Insider and SBS Australia. Previously, he was Principal Anchor and News Editor at NDTV (New Delhi Television Ltd.), the go-to news network for Indians globally. Amitoj owns a marginal amount of Bitcoin and Ether below CoinDesk's disclosure threshold of $1,000.
