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.
Mar 22, 2023 at 6:00 a.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/45IGQGPRWVESFPQR5QKVNLGQRI.jpg)
Parliament house, Canberra, Australia (Unsplash)
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.
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.
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Amitoj Singh is CoinDesk's regulatory reporter covering India. He holds BTC and ETH below CoinDesk's disclosure threshold of $1,000.
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