Australian stock exchange may consider listing tokenized real-world assets
The Australian Securities Exchange (ASX) is unlikely to directly list a cryptocurrency on its exchange but could consider an “appropriately-backed” tokenized real-world asset such as gold.
Speaking to Cointelegraph, Dan Chesterman, the ASX’s CIO and group executive of technology and data said while there are hurdles for it to directly list a cryptocurrency the company could consider listing tokenized real-world assets.
“There’s been, in the past, challenges associated with getting to the stage we could directly list a cryptocurrency mainly because it doesn’t meet a lot of the listing rules,” Chesterman said.
The ASX is the 16th largest stock exchange in the world by market capitalization, according to a March 28 Yahoo Finance report. As of the first quarter of 2023, the ASX accounted for nearly 82% of the total dollar turnover in local equity market products, per data from the Australian Securities and Investment Commission.
Chesterman’s approach to blockchain aligns with earlier comments made by major banking executives who suggested the narrative around blockchain has become one around being an “efficiency driver.”
“The experimentation with blockchain is not going away in large banks and large institutions,” said Howard Silby, chief innovation officer at National Australia Bank (NAB).
Meanwhile, Sophie Gilder, Commonwealth Bank’s managing director of blockchain and digital assets believes tokenization of assets and smart payments could drive significant efficiencies while reducing risks and costs.
“In the current market, it’s harder to talk about the upside of digital assets. Instead, I think it’s more about efficiency, and there’s a lot to be gained there,” Gilder said.
Over the last year, ASX has faced criticism over its
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