Golden Finance reported that Alan Kirkland, a member of the Australian Securities and Investments Commission (ASIC), said at the AFR Digital Asset Summit that many crypto asset companies will need to obtain financial services licenses under the Corporations Act. ASIC believes that some crypto assets should be classified as financial products, but there is uncertainty because the crypto field does not fully fit the current regulatory model. ASIC plans to update its guidelines by November to clarify the classification and treatment of relevant crypto tokens. ASIC has also strengthened its supervision of the crypto industry and recently took enforcement actions against Kraken and the Australian Securities Exchange (ASX).