ASIC Digital Assets Lead Rhys Bollen drew criticism from the cryptocurrency industry after comparing Bitcoin to prison cigarettes during a consultation meeting about Non-Cash Payment Facility legislation’s application to digital assets. Bollen made the remarks when discussing digital assets’ potential classification under financial product territory.
The cryptocurrency industry is concerned that broad language used in guidance documents could inadvertently classify any digital asset enabling payments as an NCP. Industry representatives also warned about the potential impacts of financial regulation on widely used crypto tools like MetaMask, which might require an Australian Financial Services License (AFSL) to serve Australian users.
ASIC’s INFO-225 consultation paper, released earlier this month, provides 13 detailed examples of how various digital assets might be classified as financial products, and public feedback remains open until February 2025.
Source
<p>The post ASIC Lead Compares Bitcoin to Prison Cigarettes; Industry Criticizes New Regulations first appeared on CoinBuzzFeed.</p>
