According to Deep Tide TechFlow news, on December 4, the Australian Securities and Investments Commission (ASIC) released a consultation document on cryptocurrency regulatory guidelines that classifies many digital assets as financial products, clearly stating that most companies engaged in cryptocurrency activities need to obtain licenses. Kate Cooper, head of cryptocurrency custody firm Zodia Custody, stated: 'This is a wake-up call. Compliance is really no longer optional for the industry; many local and international participants must seriously examine and review their work in custody and compliance management.'
The new guidelines will require cryptocurrency exchanges and many other cryptocurrency companies to obtain one or two licenses. ASIC is now open for comments on these proposed updates, with a deadline of February 28, 2025, and the final version of the guidelines is expected to be released in mid-2025 after considering the feedback from various parties.