Australian ASIC Chair: If new technologies such as tokenization are not embraced, its capital markets may be overtaken by other countries

Jinse Finance reported that Joe Longo, Chairman of the Australian Securities and Investments Commission (ASIC), stated that unless Australia embraces new technologies, including tokenization, its capital markets may be left behind by other countries. Longo pointed out at the National Press Club on Wednesday: "As other countries adapt and innovate, there is a real risk that Australia will become a 'land of missed opportunities', or merely passively accept overseas developments." According to estimates by Boston Consulting Group (BCG), more than $35.8 billion worth of real-world assets have already been tokenized on-chain, and this figure could rise to $16 trillion by 2030; McKinsey & Co offers a more conservative estimate of $2 trillion. U.S. market regulators have also proposed the concept of 24/7 trading, which "may be more feasible in certain asset classes." Leading financial figures such as BlackRock CEO Larry Fink are promoting the tokenization of everything from stocks and bonds to money market funds, viewing it as a solution.