Australia's financial regulator intends to require crypto companies, beyond cryptocurrency exchanges, to obtain a license under the country's Corporations Act.
A local publication has reported citing Australian Securities and Investments Commission Commissioner Alan Kirkland that the ASIC plans to release an update to "Information Paper 225" in November. The update is intended to clarify how certain tokens or crypto products should be treated.
Kirkland said ASIC believes most major crypto assets should fall within the scope of the Corporations Act.
Meanwhile, the Australian Treasury last year released a proposal to require crypto exchanges holding a certain threshold of assets to obtain an Australian Financial Services License.