Blockchain and crypto should not be treated as separate asset classes when crafting regulation because they perform the same core functions as existing financial infrastructure, according to the fintech chief of Australia’s securities regulator.

In a paper presented at the Melbourne Money & Finance Conference on Wednesday, Rhys Bollen, head of fintech at the Australian Securities and Investments Commission (ASIC), argued that digital assets should be regulated based on “economic substance rather than technological form.”

Bollen said tokenized securities should fall within existing securities laws and stablecoins should trigger payment services legislation, while other elements of crypto may be subject to consumer protection…