The Australian Securities and Investments Commission (ASIC) is ramping up its regulatory oversight of the cryptocurrency sector in response to the collapse of Blockchain Global. The company, once a significant player in the industry, was found to have $58 million in unsecured debt as of October 2023. In October 2025, ASIC barred Blockchain Global director Ryan Xu from leaving Australia as part of an ongoing investigation. ASIC's 2025 enforcement strategy includes stricter licensing and custody requirements for digital assets, such as NFTs and staking rewards. While these measures aim to enhance investor protection, critics warn they could hinder innovation, particularly for smaller firms facing increased capital and compliance demands. The Blockchain Global case underscores the dual effects of tighter regulations: improved investor safety and potential market consolidation.