How ASX’s Stance on Tokenized Assets Could Shape the Future of Blockchain
ASX‘s Chief Information Officer, Dan Chesterman, has outlined criteria for considering the listing of tokenized assets in the future, emphasizing the need for proper backing. While direct listing of cryptocurrencies faces challenges due to listing rules, Chesterman expressed openness to listing tokenized assets tied to real-world items, such as gold, provided they are appropriately backed.
In an interview with Cointelegraph, Chesterman acknowledged the challenges associated with directly listing a cryptocurrency but expressed potential for listing tokenized assets in the future.
ASX, currently the 16th largest stock exchange globally in market capitalization, could explore tokenized real-world assets despite difficulties in listing cryptocurrencies directly, according to Chesterman.
Chesterman’s perspective aligns with previous statements from banking executives, emphasizing blockchain’s role in driving efficiency. Howard Silby, chief innovation officer at National Australia Bank (NAB), noted ongoing experimentation with blockchain in large institutions, focusing on high-friction, high-value customer processes.
According to CoinTelegraph, Sophie Gilder, Managing Director of Blockchain and Digital Assets at Commonwealth Bank, sees potential efficiency gains, risk mitigation, and cost reduction through the tokenization of assets and smart payments.
While the Commonwealth Bank of Australia recently restricted customer deposits to cryptocurrency exchanges, expressing a cautious stance on cryptocurrencies, Chesterman clarified that ASX’s decision should not be seen as a “rejection” of blockchain technology.
Chesterman explained that ASX’s pause in blockchain-related initiatives aimed to avoid prolonged delays and uncertainty for customers. ASX continues its collaboration with Digital Assets for the development platform Synfini based on blockchain technology.
As the global cryptocurrency space gains momentum, Australia aims not to be left behind, aligning itself with developments worldwide.
Conclusion:
ASX’s exploration of tokenized assets shows that Australia’s top financial institutions are seriously considering blockchain’s transformative potential. While direct crypto listings face hurdles, the move towards asset-backed tokenization validates the underlying technology—and by extension, the relevance of bitcoin mining in Australia.
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