According to TechFlow, on September 23, Alan Kirkland, a commissioner of the Australian Securities and Investments Commission (ASIC), stated at the AFR Digital Asset Summit that under the (Corporate Law), many crypto asset companies will need to obtain financial services licenses.
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. To this end, ASIC plans to update the guidelines before November to clarify the classification and treatment of relevant crypto tokens.
Kirkland stressed that ASIC was concerned about potential consumer harm and market misconduct. He said the licensing system would help reduce risk, build consumer trust and protect market integrity.