The Australian Securities and Investments Commission (ASIC) believes that blockchain and cryptocurrencies should not be considered separate assets when developing laws, but rather managed based on their actual economic functions. Speaking at the Melbourne Money & Finance Conference, Rhys Bollen, head of fintech at ASIC, stated that digital assets are mainly just a technological version of traditional financial activities such as capital allocation, payments, and risk management.
He mentioned that tokenized securities should be subject to securities laws, while stablecoins need to comply with payment service regulations. Australia is currently applying this approach in the Digital Asset Framework bill, which mainly amends existing regulations rather than creating a separate crypto law. ASIC also emphasized that most risks to users come from intermediary platforms such as custodians, trading platforms, or crypto lending services, rather than the tokens themselves.
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