Regulatory Backlash for ASIC: Rhys Bollen’s recent comparison of Bitcoin to cigarettes has angered Australia’s crypto industry. His remarks during a liaison meeting highlight the potential risks associated with ASIC’s regulatory framework, which may encompass various digital assets under vague definitions.
Concerns About NCP Legislation: The Non-Cash Payment Facility (NCP) legislation may apply to digital assets, causing alarm among advocates. Industry leaders worry that broad language could hinder innovation and drive crypto businesses out of Australia, negatively impacting the local economy.
Critiques and Community Response: Critics like Michaela Juric (‘Bitcoin Babe’) fear that new licensing requirements for tools like MetaMask will stifle growth. ASIC’s INFO-225 consultation on digital assets remains open for feedback until February 2025, allowing the community to voice their concerns.