ASIC To Update Guidelines For Crypto Asset Classification

According to BlockBeats, on September 23, Alan Kirkland, a commissioner of the Australian Securities and Investments Commission (ASIC), stated at the AFR Digital Asset Summit that many crypto asset companies will need to obtain financial services licenses under the Corporations Act. ASIC believes that some crypto assets should be classified as financial products. However, due to the misalignment between the crypto sector and the current regulatory framework, there is uncertainty. To address this, ASIC plans to update its guidelines by November to clarify the classification and handling of relevant crypto tokens. Kirkland emphasized that ASIC is focused on potential consumer harm and market misconduct. He noted that the licensing system would help mitigate risks, build consumer trust, and protect market integrity.