The Commonwealth Bank of Australia’s recent pilot to allow users of its banking app to hold and use crypto has been slowed down by the country’s financial service regulator, according to a report on Wednesday.
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Australian Securities and Investments Commission (ASIC) is wrangling the bank over the product disclosure statement, the target market for the product and consumer protection, sources familiar with the process told the Australian Financial Review.
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“There are a bunch of rules – that you need to follow,” ASIC commissioner Cathie Armour recently said at The Australian Financial Review Cryptocurrency Summit talking about ASIC’s regulatory regime, according to the report.
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In November last year, the bank announced it would offer crypto services to customers, which would have made it the first bank in Australia to do so.
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The bank partnered with crypto exchange Gemini and intelligence firm Chainalysis to offer a crypto exchange and custody service. Customers will have access to 10 digital assets, including bitcoin and ether.
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Australia is the world’s third-largest adopter of crypto, a survey conducted in October 2021 found.
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The Commonwealth Bank of Australia and ASIC were not immediately available to comment when contacted by CoinDesk.
Read more: Commonwealth Bank First in Australia to Offer Crypto Services
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