ASIC Chair Joe Longo urges Australia to embrace asset tokenization and digital innovation or risk falling behind global markets rapidly adopting blockchain-based finance.
Australia’s chief market regulator has warned that the country risks falling behind in the global race toward financial tokenization if it fails to act decisively. Joe Longo, Chair of the Australian Securities and Investments Commission (ASIC), told the National Press Club that Australia could become the “land of missed opportunity” if it remains slow to innovate in its capital markets.
“The choice is innovate or stagnate — to evolve or become extinct,” Longo cautioned, highlighting the urgency of adapting to digital transformation.
ASIC Chair Joe Longo delivering a keynote address at the National Press Club in Canberra on Wednesday. : National Press Club of Australia
Body: Global Push Toward Tokenization
According to Boston Consulting Group, over $35.8 billion worth of real-world assets (RWAs) are already tokenized on blockchain systems — a figure projected to reach $16 trillion by 2030. Even conservative forecasts from McKinsey & Co. predict $2 trillion in tokenized assets within the same timeframe.
Global leaders such as BlackRock CEO Larry Fink have championed tokenization as the next frontier for financial markets, calling it a pathway to 24/7 trading, faster settlements, and greater accessibility.
“Distributed ledger technology that facilitates asset tokenization could fundamentally transform our capital markets,” Longo said. “In the same way that the introduction of CHESS transformed trading decades ago.”
Longo reminded that Australia was once a pioneer in electronic trading, introducing the Clearing House Electronic Subregister System (CHESS), and even issuing its first tokenized bond in 2018. However, he warned that other nations are now outpacing Australia in applying blockchain technology across their financial systems.
Regulatory Action: Supporting Innovation from the Ground Up
To address this gap, ASIC plans to relaunch its Innovation Hub, a program aimed at helping fintech startups navigate regulatory frameworks while promoting digital asset development. The move follows ASIC’s updated guidance on balancing innovation with investor protection, signaling a broader policy shift toward embracing digital finance responsibly.
Discussions with major institutions highlight how quickly tokenization is scaling. Longo cited conversations with JPMorgan, which reportedly plans to tokenize $730 billion in money market fund assets by 2028. The move could open traditionally closed markets to a broader range of traders and investors, democratizing access to financial instruments once reserved for large institutions.
As global finance accelerates toward blockchain-based infrastructure, Longo’s message is clear — Australia must lead, not follow, or risk being left behind in the next era of capital market innovation.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.
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