Australia Banks to Improve Crypto Reporting as SVB Contagion Fears Grow
The Australian Prudential Regulation Authority (APRA) began requesting banks in the nation to declare their exposures to crypto-related companies and startups, as global contagion fears with regards to the collapse of Silicon Valley Bank (SVB) continue to mount.
The regulator has issued an order to local banks to improve their reporting on crypto assets, as well as issue daily updates to the APRA in order to gather more information and insights into the banks’ exposures to cryptocurrencies alongside associated risks.
APRA is reportedly boosting its supervisory measures on the banking sector as a reaction to the collapses of major banks, including Silicon Valley Bank, Signature Bank and Silvergate, while Credit Suisse was recently handed a lifeline by Switzerland-based UBS in a takeover deal worth $3.2 billion.
One failure after another, fears of global contagion are growing, which witnessed the deterioration of major bank stocks, while Bitcoin (BTC) enjoyed tremendous growth in its price-tag of %12 in five days’ time at the time of writing the article.
Sources:
https://cointelegraph.com/news/svb-contagion-australia-reportedly-asks-banks-to-report-on-crypto