A senior official of the Australian Securities and Investments Commission made controversial remarks, comparing BTC to "prison currency"

According to Decrypt, Rhys Bollen, the head of digital assets at the Australian Securities and Investments Commission (ASIC), made controversial remarks at a liaison meeting on December 12, comparing Bitcoin to cigarettes used as currency in prison. These comments stem from ASIC's recently released regulatory consultation document for non-cash payment instruments (NCP), which may bring cryptocurrencies under regulation.

Industry insiders are concerned that if financial regulation is applied to tools such as non-custodial wallets, it could hinder innovation and lead to business outflows. Michaela Juric, general manager of the AUDD project, warned that this regulatory approach might force tools like MetaMask to apply for an Australian Financial Services License (AFSL).