TechFlow reports on December 12, 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. The comments stem from ASIC's recently released regulatory consultation paper on non-cash payment instruments (NCP), which may bring cryptocurrencies under regulatory oversight.
Industry insiders are concerned that applying financial regulations to tools such as non-custodial wallets could hinder innovation and lead to business outflows. Michaela Juric, project general manager at AUDD, warned that this regulatory approach might force tools like MetaMask to apply for an Australian Financial Services Licence (AFSL).
