Australia's crypto scene faces a shake-up as the Australian Securities and Investment Commission (ASIC) proposes new licensing rules for digital assets. Released on December 4, the guidance suggests classifying many crypto assets as financial products, requiring firms to obtain costly licenses. This move could challenge smaller startups, potentially driving them offshore due to increased compliance costs. While some see this as a regulatory burden, others welcome the clarity it brings. ASIC is open to feedback until February 2025, with final guidelines expected mid-2025.