Australia Prepares to Control Stablecoins

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The Australian Prudential Regulatory Authority (APRA) is preparing to oversee stablecoin projects such as Facebook's controversial stablecoin project Libra. In an official proposal submitted to the Senate on January 20, APRA created a possible regulatory framework dedicated to fintech and regulatory technology (regtech) covering a variety of topics from digital wallets to data protection.

Future and Stablecoins

The proposed framework aims to “not only aim to be fit for the current financial system, but also to accommodate future developments and technological developments, such as global stablecoin eco-system proposals, which has been of major interest recently.”

In addition, in general, APRA recognizes that digital wallets are an increasingly important part of the financial system, thanks to the growing popularity of mobile applications and online purchasing services. Still, the regulator states that there are two different types of digital wallets and explains:

Some, but not all, digital wallets contain values ​​and prepayments stored on behalf of customers. Others (such as Apple Pay) keep customers' credit / debit card details and only facilitate payments from this assigned account.

Wallet Audits

While APRA aims to control widely used digital money wallets such as Libra's Calibra wallet, which is widely used for payments and value retention, it states that it will exclude wallets such as Apple Pay from this control.

According to the statements made, APRA wants to ensure that these wallets are inspected by establishing certain standards on the subject.

The regulator also claims that data collection efforts provide opportunities for regtech to support the industry


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21.01.2020 21:56