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Australia’s ASIC Calls for Function-Based Crypto Regulation
Australia’s ASIC Calls for Function-Based Crypto Regulation
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BTCCSquare news:
Rhys Bollen, ASIC's fintech chief, argues crypto assets should be regulated by economic function rather than technological design. His paper contends most consumer harm stems from intermediaries—exchanges, custodians, lenders—not the tokens themselves.
The approach rejects bespoke frameworks like MiCA or the CLARITY Act. Instead, it advocates applying existing financial laws: securities rules for investment-like tokens, payments regulation for stablecoins, and consumer protections for residual cases.
This functional stance contrasts with global trends toward crypto-specific legislation. Bollen's thesis strips away technological novelty, focusing purely on an asset's economic role in the system.
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