Australia Urged to Embrace Asset Tokenization to Stay Competitive

According to PANews, Joe Longo, Chairman of the Australian Securities and Investments Commission (ASIC), emphasized the importance of asset tokenization for Australia's capital markets during a speech at the National Press Club. Longo warned that without proactive measures, Australia risks falling behind other nations and becoming a 'land of missed opportunities.' Citing a prediction from Boston Consulting Group (BCG), Longo highlighted that the global market for on-chain tokenization of physical assets could reach $16 trillion by 2030. He also revealed that JPMorgan plans to tokenize $730 billion in money market funds within the next two years. Longo's remarks underscore the urgency for Australia to adopt innovative financial technologies to maintain its competitive edge in the global market.