Australian Securities and Investments Commission executive makes controversial remarks, comparing BTC to "prison currency."

2024-12-12 14:15:59

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ChainCatcher news, according to Decrypt, Rhys Bollen, the 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. This statement stems from ASIC's recent release of a regulatory consultation document on non-cash payment instruments (NCP), which may bring cryptocurrencies under regulatory oversight.

Industry insiders are concerned that applying financial regulation to tools like non-custodial wallets could stifle innovation and lead to an exodus of businesses. Michaela Juric, the project manager of AUDD, warned that this regulatory approach could force tools like MetaMask to apply for an Australian Financial Services License (AFSL).

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