PANews reported on December 12 that the Australian cryptocurrency industry has recently been thrown into turmoil due to controversial remarks made by the head of the Australian Securities and Investments Commission (ASIC) digital assets department. During a contact meeting on Wednesday, the head, Rhys Bollen, likened Bitcoin to cigarettes used as currency in prison when asked whether NCP regulations would apply to digital assets, sparking widespread discussion.
Bollen's remarks have raised concerns in the industry regarding the classification of digital assets, particularly about the issue of stablecoin payments. ASIC believes that using stablecoins for payments triggers non-cash payment events, but the wording of the guidance is broad, suggesting that any digital asset that can be used for payment may fall into this category. Bollen stated that, theoretically, almost anything could be used as a means of payment, which has led to 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 companies relocating.