Australia risks ‘missed opportunity’ by shirking tokenisation: top regulator
The head of Australia’s market regulator, Joe Longo, is looking to embrace tokenization in Australia’s capital markets, fearing the country will fall behind if it doesn’t act.
Australia’s capital markets risk being outpaced by other countries unless it embraces new technology such as tokenization, says the country’s head market regulator.
“As other countries adapt and innovate, there’s a real risk Australia could become the ‘land of missed opportunity’ or be passive recipients of developments overseas,” Australian Securities and Investments Commission Chair Joe Longo told the National Press Club on Wednesday.
Over $35.8 billion worth of real-world assets are currently tokenized onchain, which Boston Consulting Group estimated could rise to $16 trillion by 2030, while McKinsey & Co predicted a more conservative $2 trillion over the same time frame.