ASIC crypto classification has shifted significantly, and right now Australia’s securities regulator announced that Bitcoin and NFTs will likely be exempt from financial product rules. The Australian Securities and Investments Commission actually updated its digital asset guidance on October 29, 2024, which clarifies how Bitcoin regulation and NFT rules apply. This financial product exemption marks a major development in Australia crypto law.
ASIC Crypto Classification Shakes Up Bitcoin Regulation and NFT Rules
The updated ASIC crypto classification distinguishes between different types of digital assets, along with providing clearer guidance. Bitcoin is now considered unlikely to meet the criteria for a financial product under the Corporations Act 2001.
Bitcoin and NFT Exemptions
John Bassilios, a crypto lawyer and also a partner at Hall & Wilcox, explained the practical implications:
“If you’re an exchange and you only deal in Bitcoin, then you don’t need to apply for a license based on that guidance.”
NFT rules under the new framework also received some clarification. NFTs representing unique digital items will generally not be classified as financial products under Australia crypto law, which reduces regulatory burden for creators.
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Official Statements
ASIC Commissioner Alan Kirkland emphasized the regulatory clarity being provided:
“Distributed ledger technology and tokenisation are reshaping global finance. ASIC’s guidance provides the regulatory clarity that firms have been calling for to innovate confidently in Australia.”
Kirkland also outlined licensing requirements for other digital assets:
“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 licence. Licensing ensures consumers receive the full suite of protections under the law and allows ASIC to act when poor practices lead to harm.”
Amy-Rose Goodey, CEO of the Digital Economy Council said that:
“It gives us an indication and visibility on ASIC’s position, how they’re going to treat the businesses within the digital asset sector, which we were not fully across until this point.”
The financial product exemption has been seen as having significant implications for exchanges and service providers. ASIC has granted a sector-wide no-action position until June 30, 2026, giving businesses some time to assess the guidance under the new Bitcoin regulation and Australia crypto law framework.
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