The top of Australia’s market regulator, Joe Longo, is seeking to embrace tokenization in Australia’s capital markets, fearing the nation will fall behind if it doesn’t act.
Australia’s capital markets threat being outpaced by different nations until it embraces new know-how comparable to tokenization, says the pinnacle of the nation’s markets regulator.
“As different nations adapt and innovate, there’s an actual threat Australia might develop into the ‘land of missed alternative’ or be passive recipients of developments abroad,” Australian Securities and Investments Fee (ASIC) Chair Joe Longo instructed the Nationwide Press Membership on Wednesday.
Over $35.8 billion value of real-world belongings are at present tokenized onchain, which Boston Consulting Group estimated might rise to $16 trillion by 2030, whereas McKinsey & Co predicted a extra conservative $2 trillion over the identical time-frame.
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