Blockchain and crypto are technologies performing the same functions as existing financial infrastructure, so they shouldn’t be treated as separate asset classes when crafting legislation, according to the fintech chief of Australia’s securities regulator.

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

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