Australia’s corporate regulator, ASIC, has updated guidance on digital assets, requiring companies offering crypto services to obtain an Australian Financial Services License by June 30. Bitcoin, gaming NFTs, and tokenized concert tickets are unlikely to be considered financial products under the new guidance.

However, ASIC considers stablecoins, wrapped tokens, tokenized securities, and digital asset wallets to be financial products. This includes yield-bearing stablecoins, tokenized real estate, tokenized bonds, and staking as a service. ASIC has granted regulatory relief for stablecoin and some wrapped token distributors.

The updated guidance has been welcomed by blockchain executives, providing clarity long-awaited by the industry. Despite this, concerns remain about ASIC’s ability to process a large number of licenses in a timely manner. The industry is currently in a transition stage, restructuring and reviewing the licenses required to ensure compliance.

The updated guidance sets a demanding standard that will require significant coordination across policy, law, and industry to implement. Structural bottlenecks, such as limited local expertise, banking access, and insurance capacity, may cause compliance issues. The real test will lie in the implementation of the guidance.

Read more at Cointelegraph: Australia Crypto Rules Gain Some Clarity Under New Guidance