{"id":449930,"date":"2022-05-20T08:35:01","date_gmt":"2022-05-20T05:35:01","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/commonwealth-bank-puts-crypto-trading-trial-on-ice-as-regulators-dither\/"},"modified":"2022-05-20T08:35:01","modified_gmt":"2022-05-20T05:35:01","slug":"commonwealth-bank-puts-crypto-trading-trial-on-ice-as-regulators-dither","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/commonwealth-bank-puts-crypto-trading-trial-on-ice-as-regulators-dither\/","title":{"rendered":"# Commonwealth Bank puts crypto trading trial on ice as regulators dither"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2d20de2adc8\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2d20de2adc8\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/commonwealth-bank-puts-crypto-trading-trial-on-ice-as-regulators-dither\/#%E2%80%9D_Commonwealth_Bank_puts_crypto_trading_trial_on_ice_as_regulators_dither_%E2%80%9C\" >&#8221; Commonwealth Bank puts crypto trading trial on ice as regulators dither &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Commonwealth_Bank_puts_crypto_trading_trial_on_ice_as_regulators_dither_%E2%80%9C\"><\/span>&#8221; Commonwealth Bank puts crypto trading trial on ice as regulators dither &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDUvZDBiNmQ3NDgtMTkwYy00ZjRjLWE0ZjQtYWEwM2M5MzEzN2M0LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-2a0745c6>The Commonwealth Bank of Australia (CBA) has put its plans for a second pilot program of crypto trading services on hold indefinitely and cut off access to those in the first round of testing.<\/p>\n<p>CBA sent Cointelegraph a tran<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">script<\/a> of a Tuesday bank briefing where CEO Matt Comyn said that he was still waiting on regulatory clarity. He also said that he was \u201cworking with a number of regulators very closely, as you would imagine, about the appropriate treatment of this particular product.\u201d<\/p>\n<blockquote><p>\u201cOur intention still, at this stage, is to restart the pilot, but there are still a couple of things that we want to work through on a regulatory front to make sure that that is most appropriate.\u201d<\/p><\/blockquote>\n<p>Comyn said there is a Treasury submission for the program already under review, but he did not share any expected timeline for its completion.<\/p>\n<p>Comyn said that last week\u2019s wild volatility appeared to support the need for the extended delay even though the second pilot program had already been put on ice by April after financial regulators balked at giving regular bank users\u2019 easy access to crypto. The Australia Securities and Investment Commission (ASIC) objected to the CBA\u2019s services on the grounds that consumer protections were absent.<\/p>\n<p>He said \u201cIt is clearly a very volatile sector that remains an enormous amount of interest.\u201d<\/p>\n<blockquote><p>\u201cBut alongside that volatility and awareness and I guess the scale, certainly globally, you can see there is a lot of interest from regulators and people thinking about the best way to regulate that.\u201d<\/p><\/blockquote>\n<p>Comyn also suggested that the bank was awaiting the result of Saturday\u2019s Federal election. If a new regime comes into power, it could spell broad changes in the crypto regulatory landscape which Comyn said \u201cwill be a focus for the incoming government to think about.\u201d<\/p>\n<p>Leadership and entrepreneurship lecturer at Swinburne University Dr. Dimitrios Salampasis <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.theguardian.com\/australia-news\/2022\/may\/19\/commonwealth-bank-pauses-in-app-cryptocurrency-trading-after-market-turmoil?CMP=Share_iOSApp_Other\">told<\/a> The Guardian that CBA may be going slowly in case of reputational damage. <\/p>\n<p>Taking into account the recent price crash across the crypto markets due to the collapse of Terra (LUNA), Dr. Slampasis said \u201cbalancing risk, brand equity and regulatory clarity will be key so as to minimize disruption in CBA\u2019s current business model.\u201d<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Aussie crypto ETFs see $1.3M volume so far on difficult launch day<\/em><\/strong><\/p>\n<p>The CBA was the first major bank in Australia to offer crypto services through its mobile app last November. As the pilot program proceeded, it promised access to the app\u2019s 6.5 million users once fully rolled out. As of now, those plans are on hold indefinitely.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/commonwealth-bank-puts-crypto-trading-trial-on-ice-as-regulators-dither\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Commonwealth Bank puts crypto trading trial on ice as regulators dither &#8220; The Commonwealth Bank of Australia (CBA) has put its plans for a second pilot program of crypto trading services on hold indefinitely and cut off access to those in the first round of testing. CBA sent Cointelegraph a transcript of a Tuesday&#8230;<\/p>\n","protected":false},"author":1,"featured_media":449931,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDUvZDBiNmQ3NDgtMTkwYy00ZjRjLWE0ZjQtYWEwM2M5MzEzN2M0LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[75571,87273,20358,117,70934],"class_list":["post-449930","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-applications","tag-commonwealth-bank-of-australia","tag-australia","tag-business","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/449930","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=449930"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/449930\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/449931"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=449930"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=449930"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=449930"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}