According to Cathie Armour, a government regulator, there are a slew of rules that must be followed when it comes to the country’s policies.
According to a report published on Wednesday, the Commonwealth Bank of Australia’s recent pilot programme to allow users of its banking app to keep and use cryptocurrency has been dragged down by the country’s financial services regulator.
According to sources acquainted with the process, the Australian Securities and Investments Commission (ASIC) is battling with the bank about the product disclosure statement, the target market for the product, and consumer protection.
Asked about ASIC’s regulatory system at the Australian Financial Review Cryptocurrency Summit, Cathie Armour responded, “There are a set of laws – that you need to follow,” according to a report.
In November of last year, the bank announced that it will begin offering cryptocurrency services to its customers, making it the only bank in Australia to do so at the time.
As part of its cryptocurrency exchange and custody business, the bank has teamed with cryptocurrency exchange Gemini as well as intelligence firm Chainalysis. A total of 10 digital assets, including bitcoin and ether, will be available to customers.
According to the results of a survey done in October 2021, Australia is the world’s third-largest adopter of cryptocurrency.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.