TechFlow news, September 23 — According to cryptonews, Alan Kirkland, commissioner of the Australian Securities and Investments Commission (ASIC), said at the AFR Digital Assets Summit that under the Corporations Act, many cryptocurrency firms will likely need to obtain financial services licenses.
ASIC considers certain crypto assets to be classified as financial products. However, due to the misalignment between the crypto industry and the current regulatory framework, uncertainties remain. To address this, ASIC plans to update its guidance before November, clarifying the classification and treatment of relevant crypto tokens.
Kirkland emphasized that ASIC is focused on potential consumer harm and market misconduct. He stated that a licensing regime would help mitigate risks, build consumer trust, and safeguard market integrity.
