Crypto is just finance with new plumbing: Australia’s ASIC fintech chief

Australia's ASIC fintech chief Rhys Bollen argues that cryptocurrency is essentially traditional finance with new technological infrastructure, comparing it to the historical shift from paper to electronic records. He suggests that existing regulatory frameworks can handle blockchain technology without requiring entirely new regulatory approaches.

• →ASIC's fintech chief views cryptocurrency as traditional finance with updated technological infrastructure rather than a fundamentally new asset class.
• →The comparison is made to the transition from paper-based to electronic financial record-keeping systems.
• →Bollen argues that new regulatory frameworks weren't needed for the paper-to-digital transition and similarly aren't required for blockchain adoption.
• →This perspective suggests existing financial regulations can be adapted to cover cryptocurrency activities.
• →The stance indicates a pragmatic regulatory approach focused on substance over technology in Australia.