CBA‘s plans to expand crypto services to 6.5M users delayed by red tape

In an Australian first, CBA aims to grant all of its 6.5 million users access to cryptocurrency services.

Financial regulators are standing in the way of expanded crypto services on Commonwealth Bank of Australia’s mobile application. In an Australian first, the bank aims to grant all of its 6.5 million users access to cryptocurrency services.

ASIC objects to the launch on the basis of consumer protections regarding the target market and product disclosures. CBA has been working with ASIC and several other regulatory bodies within the Australian government in order to launch the services. “Consumers may be investing in an environment where they are not afforded the same level of protection that applies to financial products and services.”from ASIC that prohibit much of the work financial influencers do, Senator Andrew Bragg stated that ASIC’s application of rules for financial products cannot be applied to crypto assets because cryptocurrency is not a financial product under Australian law.

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