Crypto Should Be Judged By Economic Role, Not Tech Design: ASIC Fintech Chief
According to Rhys Bollen, head of fintech at the Australian Securities and Investments Commission (ASIC), consumer harm in crypto primarily stems from intermediaries—exchanges, custodians, lenders—rather than the tokens themselves. In a paper presented at the Melbourne Money and Finance Conference, Bollen argued that Australia should regulate digital assets based on their economic function, not their technological design. Tokens that act like securities should be treated as such, stablecoins moving money should fall under payments law, and consumer protection rules should cover the rest. This approach contrasts with jurisdictions like the U.S. and EU, which are creating crypto-specific laws. Australia is already implementing this through its Digital Asset Framework bill, which integrates digital assets into existing financial regulations rather than building a separate legal structure.
bitcoinist03/11 18:32
