National Australia Bank News

Australia’s A$24B digital asset opportunity hinges on regulation. Clear rules could drive tokenized markets, faster payments and institutional investment.

Ripple APAC managing director Fiona Murray said there was sufficient institutional interest in Australia to warrant the costs of acquiring an Australian Financial Services License.

Crypto bosses say the government now needs to bring in clear rules, so regulators and banks can distinguish the good from the bad actors.

Kate Cooper, the newly-installed CEO of OKX’s Australian arm, says regulatory clarity is still needed to spur institutional crypto adoption.

The assistant governor of the Reserve Bank of Australia noted that pilot projects have highlighted several key areas where CBDCs could be of great use.

ANZ’s banking executive Nigel Dobson says the bank sees “real value” in tokenizing real-world assets on-chain like the Aussie dollar.

Ben Rose is hopeful that Binance Australia’s banking woes will be relieved by positive regulation in the future.

A new partnership between Independent Reserve and PayPal offers investors extra choice and “mitigates the risks” of Australian crypto banking blocks, says CEO Adrian Przelozny.

The move comes as Australians continue to reduce their usage of cash and bank branches, but has sparked fears that the death of cash is near.

An analysis of the rising inflation and concurrent collapse of Silicon Valley Bank proved that more than 186 banks in the U.S. are at risk of a similar shutdown if depositors decide to withdraw all funds.

The “Big Four” Australian bank is the second to issue a stablecoin and hopes to support transactions by corporate clients by the end of the year.

This marks the second “Big Four” bank in Australia to launch an Australian-dollar pegged stablecoin in a bid to boost the digital economy.

The pilot project will last a year, and the details for potential participants will be published in the next few months.

Executives from two of Australia’s “big four” banks have said they won’t allow their retail customers to trade crypto with ANZ, adding they’re happy they didn’t “go head long” into a cryptocurrency offering.

“Most of the industry utilizes non-bank and often unregulated USD stablecoins. Now with this Big 4 bank-issued AUD stablecoin, the use case is a lot more compelling,” said ZeroCap CEO Ryan McCall.