Australia must act on tokenization or be ‘left behind,’ ASIC chair warns

ASIC Chair Joe Longo stated that tokenization, which can fundamentally transform capital markets through fractionalization and instant settlement, is crucial for Australia's financial future. He warned that the country risks being the "land of missed opportunity" as global competitors like Switzerland and J.P. Morgan advance rapidly in digital asset adoption. In response, Longo announced the relaunch of the ASIC Innovation Hub to actively support financial market innovations and collaborate with innovators on regulatory hurdles. This move follows recent regulatory actions, including updated guidance clarifying that stablecoins and tokenized securities require licensing, and proposed legislation mandating financial services licenses for crypto platforms.

(Source：The Block)