Citing CoinJournal, Australia has introduced updated regulatory guidelines for digital assets, requiring crypto service providers to obtain an Australian Financial Services License (AFSL) and join the Australian Financial Complaints Authority by June 30. The Australian Securities and Investments Commission (ASIC) clarified that Bitcoin, gaming NFTs, and tokenised event tickets are not classified as financial products, while stablecoins, wrapped tokens, tokenised securities, and yield-bearing services will require licensing. The move aims to align crypto oversight with traditional financial regulations, enhance investor protection, and provide clarity to the industry. However, industry experts warned of logistical challenges due to limited local expertise and compliance constraints. The update follows the Albanese government’s March proposal for a unified crypto regulatory framework and ongoing consultations on formal legislation.
Australia Tightens Crypto Rules with New Licensing and Compliance Framework
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