CoinVoice has learned that, according to Decrypt, Rhys Bollen, head of digital assets at the Australian Securities and Investments Commission (ASIC), made controversial remarks during a liaison meeting on December 12, comparing Bitcoin to cigarettes used as currency in prisons. These remarks stem from ASIC's recent release of a regulatory consultation document on non-cash payment tools (NCP), which could bring cryptocurrencies under regulatory scrutiny.
Industry insiders are concerned that applying financial regulation to non-custodial wallets and other tools may hinder innovation and lead to business outflow. AUDD project general manager Michaela Juric warned that this regulatory approach could force tools like MetaMask to apply for an Australian Financial Services License (AFSL). [Original link]
