According to Decrypt, Rhys Bollen, head of digital assets at the Australian Securities and Investments Commission (ASIC), sparked controversy by comparing BTC to cigarettes in prison at a conference to discuss the impact of non-cash payment facility (NCP) legislation on digital assets.
Bollen said any use of digital assets for payments could be considered an NCP event, raising concerns about the classification of digital assets such as BTC and stablecoins. Industry leaders worry that such financial regulation could hinder innovation and force companies to move out of Australia.
ASIC has released the INFO-225 consultation document, which proposes digital asset compliance guidance and encourages crypto companies to apply for an Australian Financial Services License (AFSL). Public feedback is open until February 2025, and the final guidance is expected to be released in the same year.
