Australian regulator gives long-awaited crypto guidance, but concerns remain
The local industry has welcomed the Australian Securities and Investments Commission’s expanded crypto guidance, but resourcing concerns remain.
Australia’s corporate regulator has released updated guidance on digital assets, which blockchain executives have welcomed, while airing concerns on the speedy issuance of licenses.
The Australian Securities and Investments Commission updated its Info Sheet 225 on Wednesday, announcing that companies offering crypto services classified as financial products will need to become a member of the Australian Financial Complaints Authority and lodge for an Australian Financial Services License by June 30.
John Bassilios, a crypto lawyer and partner at Hall & Wilcox, told Cointelegraph that under the new guidance, tokens such as Bitcoin (BTC), gaming non-fungible tokens, and tokenized concert tickets are unlikely to be considered financial products.