The Australian prudential authority has published a strategy for cryptocurrency regulation.

The Australian Prudential Regulation Authority, or APRA, issued a letter to regulated firms Thursday that outlines risk management standards and a policy roadmap for regulating crypto-assets through 2025. “While activities related with crypto assets are still relatively uncommon in Australia, the potential size and risks of such operations may increase over time,” said Wayne Byres

The letter ordered regulated organisations to contact their supervisory authorities and outlined risk management techniques and standards for a range of circumstances. Banking exposure, operational risk, and stable-coins were all anticipated in the planned regulatory framework.

The Securities and Exchange Commission (SEC) will work with global regulators to assure a uniform approach to crypto-asset activities. This year and next, the agency plans to meet with the Bank for International Settlements’ Basel Committee on Banking Supervision before releasing crypto-asset standards that will go into effect in 2025.

Later this year, the Financial Action Task Force (FATF) is expected to release a standard for operational risk. In 2024, APRA will publish a final draft standard for operational risk that will become law. The National Council of Financial Regulators is discussing integrating stable currencies into a planned regulatory framework for stored-value facilities.

Blockchain Australia offered crypto regulatory suggestions to the government in July. The group stressed that “examining the work done in foreign jurisdictions” is important, while also warning the sector against waiting years for regulatory clarity. The letter’s release was announced by Byres in a speech to the American Chamber of Commerce last month, and it was placed in light of the agency’s broader objectives during his address to the chamber. The major Commonwealth Bank of Australia is attempting to expand a test program that allows consumers to use crypto services, but regulators have so far frustrated it.

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