TechFlow reports that on December 4, the Australian Securities and Investments Commission (ASIC) released a consultation paper on cryptocurrency regulatory guidance, classifying many digital assets as financial products and clearly stating that most companies engaged in cryptocurrency activities will require a license. Kate Cooper, head of cryptocurrency custodian Zodia Custody, said: "This is a wake-up call. Compliance is no longer optional for the industry—many local and international participants must now seriously review and audit their operations in custody and compliance management."
The new guidance will require cryptocurrency exchanges and many other crypto firms to obtain one or both licenses. ASIC has now opened consultations on these proposed updates, with comments due by February 28, 2025. After considering feedback, the final version of the guidance is expected to be published in mid-2025.
