PANews reported on December 12 that according to Decrypt, the Australian crypto industry has been in turmoil recently due to controversial remarks made by the head of the digital asset department of the Australian Securities and Investments Commission (ASIC). At a liaison meeting on Wednesday, the head, Rhys Bollen, compared Bitcoin to cigarettes used as currency in prisons when answering questions about whether non-cash payment facility (NCP) regulations should be applied to digital assets, sparking widespread discussion.
Bollen's remarks have raised concerns in the industry about the classification of digital assets, especially about stablecoin payments. ASIC believes that the use of stablecoins for payment triggers a non-cash payment event, but the guidance is broadly worded, so that any digital asset that can be used for payment may be classified as such. Bollen said that in theory almost anything could be used as a means of payment, which has raised questions in the industry about the boundaries of financial regulation. Industry insiders in the country have expressed concerns that applying financial regulation to tools such as non-custodial wallets or software could hinder innovation and lead to the relocation of businesses.
