Australia's corporate regulator has released the latest guidance on digital assets, which blockchain executives have welcomed, but they express concerns over the rapid issuance of licenses.
The Australian Securities and Investments Commission (ASIC) updated its Information Sheet 225 on Wednesday, announcing that companies providing cryptocurrency services classified as financial products need to become members of the Australian Financial Complaints Authority (AFCA) and apply for an Australian Financial Services License (AFSL) by June 30.
John Bassilios, a cryptocurrency 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.
"If you are an exchange that only deals with Bitcoin, then according to this guidance, you do not need to apply for a license," he said.
However, stablecoins, wrapped tokens, tokenized securities, and digital asset wallets are all considered financial products by ASIC in its updated guidance.
Bassilios noted that this could also include yield-bearing stablecoins, tokenized real estate, tokenized bonds, and staking-as-a-service, which may have restrictions such as minimum staking balances or lock-up periods.
ASIC also stated that it has in principle decided to provide regulatory exemptions for stablecoin and some wrapped token distributors to facilitate a smooth transition to the proposed legal reforms.
Steve Vallas, CEO of consulting firm Blockchain APAC, told Cointelegraph that the updated guidance sets a stringent standard that requires significant coordination between policy, law, and industry for implementation.
"ASIC chose to implement policy before legal reform. This approach brings certainty in the short term but also exposes how much interpretation is currently playing a legislative role," he said.
Vallas indicated that the real test now lies in implementation, as "structural bottlenecks" could pose problems.
"These include limited recognized local expertise, bank access, and insurance capacity. Without practical solutions, compliance risks could shift from legal challenges to logistical challenges," he said.
Amy-Rose Goodey, CEO of the advocacy group Australian Digital Economy Council, told Cointelegraph that the industry has been waiting for such clarity for a long time.
"It gives us an indication and visibility into ASIC's stance on how they will treat businesses within the digital asset industry, which is something we have only fully understood until now," she said.
However, Goodey agreed that there are still concerns regarding ASIC's resource allocation and its ability to process a large number of licenses in a timely manner to ensure business compliance.
According to Goodey, the industry is currently in a "transitional phase," with businesses restructuring and reviewing the licenses they need to hold.
The Albanese government proposed a new cryptocurrency framework in March to regulate exchanges under existing financial services laws, and the Treasury completed consultations on a legislative draft to extend financial sector laws to cryptocurrency service providers on Friday.
Related: Kaia Chair: South Korean central bank's push for bank-led stablecoin issuance "lacks logic"
Original article: “Australian Regulator Releases Long-Awaited Cryptocurrency Guidance, but Concerns Remain”
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