Crypto is Just Finance on Different Infrastructure: ASIC
ASIC's fintech chief argues crypto should be regulated based on economic substance, not technology, integrating it into existing laws.Summary
Rhys Bollen, head of fintech at Australia’s securities regulator ASIC, stated that crypto technologies perform the same functions as existing finance and should be regulated based on their "economic substance rather than technological form," not as separate asset classes. He advocates that tokenized securities should fall under securities laws and stablecoins under payment services legislation, mirroring how regulations adapted to past technological changes like electronic records. Australia's approach, reflected in the Digital Asset Framework bill and ASIC Information Sheet 225, seeks to amend existing laws like the Corporations Act rather than create a standalone crypto bill. This focus on economic characteristics aims to provide clearer rules and reduce regulatory arbitrage. Bollen noted that regulation should focus on intermediaries, as most consumer harm stems from platform conduct, and acknowledged that decentralized products require legal analysis based on practical control and influence.
(Source：Cointelegraph)