On a further note, you need to have a trigger control so you don't get spammed:

on *:text:*:#: {
  if !%t { inc -u5 %t
    if ($strip($1) == !time) {
      msg $chan The time is $time(HH:nn:ss)
    }
  }
}

And you only need one command in the $1, repeating it in the match text section of the event is not necessary.

You can use $time() in place of the $asctime(). They give you the same result.