Australia's ASIC Chairman: If it does not embrace tokenization and other new technologies, its capital market may be surpassed by other countries.

[Australia ASIC Chairman: If Australia does not embrace new technologies such as tokenization, its capital market may be surpassed by other countries] Joe Longo, Chairman of the Australian Securities and Investments Commission ( ASIC ), stated that unless Australia embraces new technologies including tokenization, its capital market may be left behind by other countries. Longo pointed out at the National Press Club on Wednesday: “With the adaptation and innovation of other countries, Australia faces a real risk of becoming a 'land of missed opportunities' or simply passively accepting overseas developments.” According to the Boston Consulting Group (BCG), there are currently over $35.8 billion worth of real-world assets tokenized on the blockchain, and this is expected to grow to $16 trillion by 2030; McKinsey & Co predicts a more conservative figure of $2 trillion. The U.S. market regulators have also proposed the concept of 24/7 trading, which may be “more feasible in certain asset classes”. Leading financial leaders, such as BlackRock CEO Larry Fink, are advocating for the tokenization of all assets, from stocks and bonds to money market funds, viewing it as a solution.