Regulators say banks have a role to play in the cryptocurrency space, including protecting the economy from money laundering risks.
Major financial institutions can lean in and help reduce risks in the cryptocurrency industry, the co-founder of Chainalysis says, as the Council of Financial Regulators warns banks not to avoid crypto players.
“You’ve got large financial services firms that really are taking a look at this and realising that maybe there is a need for more mature players to step in with better risk management systems,” he toldHe urged banks to stay engaged despite the market volatility and suggested falling prices will not stop crypto’s “open-source” community creating innovative ways to deliver financial services – similar to the way the Linux community has developed operating systems that power many major...
The statement came a day after the Bank of International Settlements pointed to central banks adopting some ofThe Albanese government is keen to bolster crypto regulation to improve safety and transparency via greater regulation of exchanges. The council said on Thursday it agreed on the importance of a “robust regulatory framework to protect investors and guard against potential financial stability risks”.
It said this approach was dangerous as it could actually increase money laundering and terrorism risks. “AUSTRAC continues to discourage the indiscriminate and widespread closure of accounts across entire financial services sectors,” the financial crime regulator said in October. In April, it released aThe council said on Thursday its agencies were preparing advice “on the causes of the withdrawal or refusal of banking services for certain sectors”.
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