The Chairman of the Australian Securities and Investments Commission (ASIC) Joe Longo warned that the country's capital market could fall behind if it does not quickly embrace new technologies such as asset encryption (tokenization). He emphasized: “Innovate or die.”
Currently, there are over 35.8 billion USD in real assets being encrypted, and it could reach 16 trillion USD by 2030. While the US and other countries are pushing for 24/7 trading and comprehensive encryption, Longo stated that Australia is being surpassed despite having once led with the CHESS system and issuing the first encrypted bonds in 2018.
ASIC will restart the Innovation Hub to support fintech startups in innovation. Longo revealed that JPMorgan plans to encrypt 730 billion USD in assets before 2028, expanding investment opportunities for many retail traders and changing the way the global financial market operates.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
