ASIC Fintech Chief Says Crypto Shouldn’t Be a Separate Asset Class

TheNewsCryptoОпубликовано 2026-03-11Обновлено 2026-03-11

Введение

The fintech chief of Australia's securities regulator, ASIC, argues that crypto should not be treated as a separate asset class. Rhys Bollen stated at the Melbourne Money and Finance Conference that blockchain and crypto perform the same core financial functions as existing infrastructure and should be regulated based on economic substance rather than technological form. He proposed that tokenized securities fall under securities laws, stablecoins under payment services legislation, and other crypto aspects under consumer protection laws. Bollen emphasized that regulatory systems have historically adapted to technological changes without abandoning core principles like market integrity and consumer protection. He noted that most consumer harm in crypto stems from intermediaries (platforms offering trading, custody, or lending services), not the tokens themselves. ASIC's approach focuses on regulating these intermediaries rather than the assets. This stance contrasts with dedicated crypto regulatory frameworks in the US and EU. Bollen also cautioned that legal analysis should prioritize practical control and profit over claims of decentralization.

The fintech chief of Australia’s security regulator states that blockchain and crypto are the technologies doing the same functions as current financial infrastructure, so they should not be considered as different asset classes when making legislation.

On March 11, a paper was presented at the Melbourne Money and Finance Conference in which Rhys Bollen, the head of fintech at the Australian Securities and Investment Commission, mentioned that crypto should be regulated on economic substance instead of the technological form.

Tokenized securities should come under securities laws, and stablecoins should initiate payment services legislation. He also mentioned that other bodies of crypto may fall under consumer protection laws.

What Did Bollen Further State?

The approach of Bollen differs from the crypto-aimed regulatory frameworks in different countries, such as the CLARITY Act in the US and the Markets in Crypto-Assets Regulation framework in Europe.

Bollen went on, mentioning that three prominent financial functions, including capital allocation, payments and risk management, have developed with technological advancements and that distributed ledger technologies like blockchain should not be treated differently.

The head of fintech also added that regulatory systems have so far adapted to technological change, from paper instruments to electronic records, without leaving foundational principles like consumer protection, market integrity and systematic stability.

The Australian crypto market has also been guided via ASIC Information Sheet 225, which mentions that current definitions of “financial product” and “financial service” under the Corporations Act can concern digital assets.

ASIC Information Sheet 225 is also aimed at the regulation of intermediaries instead of tokens, with Bollen mentioning that a lot of consumer harm in the digital asset industry has originated from the conduct of crypto platforms providing custody, trading, lending or yield services.

Bollen confirmed that diversification issues may originate with decentralised products or services; also, he mentioned that legal analysis should aim at practical control and profit instead of formal claims of decentralisation.

Highlighted Crypto News Today:

Crypto Prices Remain Flat While Asia Secures Natural Gas Supplies

Связанные с этим вопросы

QAccording to ASIC's fintech chief, why shouldn't crypto be considered a separate asset class?

ABecause blockchain and crypto are technologies performing the same functions as current financial infrastructure, so they should be regulated based on economic substance rather than technological form.

QWhat specific regulatory approach did Rhys Bollen propose for different types of crypto assets?

AHe proposed that tokenized securities should come under securities laws, stablecoins should initiate payment services legislation, and other crypto assets may fall under consumer protection laws.

QHow does Bollen's regulatory approach differ from frameworks in the US and Europe?

ABollen's approach focuses on regulating crypto based on its economic function, unlike the US CLARITY Act and Europe's Markets in Crypto-Assets Regulation which are specifically crypto-aimed frameworks.

QWhat are the three prominent financial functions that Bollen mentioned have evolved with technology?

AThe three functions are capital allocation, payments, and risk management.

QAccording to ASIC Information Sheet 225, what is the primary focus of crypto regulation in Australia?

AIt focuses on regulating intermediaries (such as crypto platforms providing custody, trading, lending, or yield services) rather than the tokens themselves.

Похожее

The Value Distribution of Stablecoins

**Summary: The Value Distribution of Stablecoins** The article argues that stablecoins are evolving from mere trading tools into broader channels for dollar access. It divides the stablecoin ecosystem into four layers to analyze how value is distributed: 1. **Issuance Layer:** Mints stablecoins, holds reserve assets, and captures the spread between reserve yield and user costs (e.g., Tether, Circle). This layer currently earns the largest profit margin. 2. **Infrastructure Layer:** Connects stablecoins to the traditional financial system, handling fiat on/off-ramps, banking integration, compliance (KYC/AML), and asset management (e.g., Bridge, BVNK). This is the "unglamorous" but critical work, building the essential bridges between crypto and real-world finance. 3. **Acquiring/Distribution Layer:** Integrates stablecoins into merchant systems, manages payment flows, and provides enterprise financial software (e.g., Stripe, Coinbase). They act as the access point for businesses. 4. **Application Layer:** The end-users and businesses that ultimately use stablecoins for payments, settlements, or as a store of value. They benefit from convenience but have little pricing power. The core thesis is that while the issuance layer currently dominates profits, the often-overlooked **infrastructure layer holds significant long-term potential**. The real challenge and barrier to mass adoption is not the on-chain transfer of stablecoins (which is simple), but the complex "last mile" integration into existing business workflows, banking systems, and regulatory frameworks across different countries. Companies in this layer are currently in a "land grab" phase, investing heavily to build networks, secure bank partnerships, and establish compliance pathways. While their position is currently pressured by the profitable issuers above and distribution platforms below, the article suggests that if stablecoins become a default financial rail for businesses, the infrastructure providers who have done the hard work of integration will ultimately gain strong pricing power and become entrenched, essential players.

marsbit1 ч. назад

The Value Distribution of Stablecoins

The Value Distribution of Stablecoins The article argues that stablecoins are evolving from a mere trading tool into a broad "dollar channel." It analyzes the industry's value chain through four layers: 1. **Issuance Layer (e.g., Tether, Circle):** The top layer that mints stablecoins, holds reserve assets, and captures the thickest interest rate spread. 2. **Infrastructure Layer (e.g., Bridge, BVNK):** Connects stablecoins to the traditional financial system, handling critical but complex "dirty work" like fiat on/off-ramps, banking integration, compliance (KYC/AML), and cross-border settlement. 3. **Acquiring/Distribution Layer (e.g., Stripe, Coinbase):** Embeds stablecoins into merchant systems, manages payment flows, and integrates with enterprise software. 4. **Application Layer:** End-users and businesses that ultimately use stablecoins for payments, settlement, or storing value. The author posits that while the issuance layer currently captures the most profit, the most overlooked and potentially critical layer is infrastructure. The core challenge for stablecoin adoption isn't the on-chain transfer (which is simple), but bridging the gap between blockchain and the real-world financial system. This involves solving practical problems for businesses: fiat conversion, reconciliation, tax handling, and user onboarding. Infrastructure companies are currently in a difficult "land-grab" phase—building networks, securing banking relationships, and achieving compliance country-by-country. They face pressure from both the profitable issuance layer above and distribution platforms below. However, the author suggests this layer is building a crucial moat. Once stablecoins become a default business rail, the infrastructure players who have done the hard work of integration may gain significant, durable value and pricing power.

链捕手1 ч. назад

Why Is Nvidia Borrowing $20 Billion When It's Not Short of Cash?

Nvidia's recent announcement to issue at least $20 billion in senior notes, despite holding a strong cash position with over $48.6 billion in free cash flow last quarter, is not a sign of financial need. Instead, it represents a strategic move to leverage its high credit rating (recently upgraded to AA by S&P) to secure low-cost, long-term debt. This capital will support long-term AI infrastructure investments, data centers, R&D, supply chain prepayments, and strategic investments, while allowing the company to continue aggressive shareholder returns through stock buybacks and dividends. The decision reflects a mature capital management strategy: using debt to finance long-term growth assets is more efficient and less dilutive to shareholders than equity financing. It signals that Nvidia, like other tech giants (Alphabet, Meta, Amazon), is entering a new phase of heavy AI capital expenditure, shifting from a pure growth story to a story about capital allocation, credit strength, and long-term ecosystem positioning. The key question for investors is whether Nvidia can maintain its high cash flow generation and ensure that returns from these AI investments justify the cost of capital over the long term. The bond issuance amplifies its expansion capabilities but also ties its valuation more closely to the broader AI investment cycle's sustainability and profitability.

marsbit1 ч. назад

Why Is Nvidia Borrowing $20 Billion When It's Not Short of Cash?

marsbit1 ч. назад

Liberland Fires Tech Secretary After Alleged Blockchain And Website Takeover Attempt

Liberland's congress has voted to remove Technology Secretary Dorian Stern Vukotić, following a resolution accusing him of attempting to hijack the Liberland.org domain, removing administrative multisig protections, blocking the president from voting, and launching unauthorized tokens. The incident serves as a case study in blockchain governance, highlighting risks that go beyond smart contracts to include control over domains, admin keys, and off-chain authority. For the crypto industry, it underscores the need to scrutinize decentralization claims against operational realities, where a small group can still compromise governance. The story reflects a broader market shift where infrastructure security and governance are becoming as critical as price action. Editorial framing should treat the development as a verified information signal about governance risks, avoiding overstatement of Liberland's legal status and leaving room for follow-up evidence.

bitcoinist2 ч. назад

Liberland Fires Tech Secretary After Alleged Blockchain And Website Takeover Attempt

bitcoinist2 ч. назад

How to Do Research Well: Deliberately Practice the Real Skills That Matter

No one truly teaches you how to do research. You're often given a desk, a pre-selected problem, and vague instructions to "create something new." Consequently, many people reverse-engineer the job based on visible outputs—papers, posts, announcements—learning only how to *appear* like a researcher rather than how to *become* one. True research capability is built from stacking small, trainable skills, nearly all of which can be developed through deliberate practice. **Pick Your Own Problem:** Most researchers absorb problems from advisors or trends, lacking the underlying reasoning. Choosing a problem you genuinely care about, as John Schulman advises, leads to original work. Develop "taste" like a muscle: predict experiment outcomes, guess paper results from methods, and track which findings remain important over time. **Upgrade Your Inputs:** Relying on shared reading lists (arXiv hot lists, filtered group chats) leads to unoriginal conclusions. Undervalued old literature often holds crucial insights (e.g., MoE, LSTM, backpropagation). Richard Sutton's "The Bitter Lesson" or Claude Shannon's 1952 talk on creative thinking are more predictive than lengthy modern surveys. Breadth matters as much as depth: draw from neuroscience, mechanism design, hardware knowledge, and honest statistics. Read papers directly, especially appendices and limitations sections. **Write Everything Down:** As Paul Graham noted, writing exposes flaws in seemingly mature ideas. Writing is the cheapest defense against self-deception. Following Feynman's principle, Darwin programmatically wrote down facts contradicting his theory to combat memory bias. Maintain a detailed log of hypotheses, setups, predictions, results, and updated understandings. Reviewing past logs fosters essential humility.

marsbit3 ч. назад

How to Do Research Well: Deliberately Practice the Real Skills That Matter

marsbit3 ч. назад

Торговля

Спот

Фьючерсы

Обсуждения

Добро пожаловать в Сообщество HTX. Здесь вы сможете быть в курсе последних новостей о развитии платформы и получить доступ к профессиональной аналитической информации о рынке. Мнения пользователей о цене на T (T) представлены ниже.

ASIC Fintech Chief Says Crypto Shouldn’t Be a Separate Asset Class

Введение

What Did Bollen Further State?

Связанные с этим вопросы

Похожее

The Value Distribution of Stablecoins

The Value Distribution of Stablecoins

Why Is Nvidia Borrowing $20 Billion When It's Not Short of Cash?

Liberland Fires Tech Secretary After Alleged Blockchain And Website Takeover Attempt

How to Do Research Well: Deliberately Practice the Real Skills That Matter

Торговля

Популярные статьи

Как купить T

Обсуждения

Топ вопросы

Популярные категории

Популярные теги