The Australia Securities & Investments Commission (ASIC) clarified how existing laws apply to digital assets and confirmed transitional support ahead of proposed law reforms. Stablecoins, wrapped tokens, tokenized securities and digital asset wallets are among the digital asset products that ASIC considers to be financial products in its updated guidance.
ASIC commissioner Alan Kirkland said in a statement: “ASIC’s guidance provides the regulatory clarity that firms have been calling for to innovate confidently in Australia.
‘Many widely traded digital assets are financial products under current law – and will remain so under the government’s proposed law reform – meaning many providers require a financial services license. Licensing ensures consumers receive the full suite of protections under the law and allows ASIC to act when poor practices lead to harm.”
In addition, ASIC is proposing to allow omnibus account structures for digital asset custody under specified conditions.