Australia's ASIC will implement broader regulation in the cryptocurrency sector based on the latest guidelines

ChainCatcher news, according to Decrypt, as the Australian government is about to introduce new legislation on digital assets, the financial regulator ASIC has made significant updates to its guidelines, expanding the applicability of the existing financial services law to crypto businesses.

The revised Info Sheet 225 released on Tuesday clarifies under what circumstances digital asset products and services constitute financial products under the Corporations Act, and expands the terminology from "crypto assets" to "digital assets," covering virtual assets, tokenized products, and coin-based assets. Although new laws have not been enacted, the guidelines aim to provide certainty ahead of the implementation of the Treasury's "Digital Asset Platforms and Payment Service Providers Bill," which will introduce a licensing regime for exchanges, custodians, and stablecoin issuers. ASIC reiterated that yield-bearing tokens, staking programs, and asset-backed stablecoins require licensing. The final version of the guidelines adds 5 cases to a total of 18, covering scenarios from exchange tokens and gaming NFTs to staking services, and clarifies that custodians must meet a net asset threshold of AUD 10 million (unless for ancillary services). ASIC emphasized that Australian law applies to offshore entities marketing to local users, and global platforms cannot evade regulation based on geographic location.