Core Insights - Australia's financial regulator, the Australian Securities and Investments Commission (ASIC), has updated its digital-asset guidance to clarify the application of existing financial-services laws to crypto businesses as new legislation is being prepared [1][2] Group 1: Regulatory Updates - The term "digital assets" replaces "crypto-asset" to encompass a wider range of products, including virtual, tokenized, and coin-based offerings [2] - The updated guidance does not create new laws but aims to provide businesses with clarity ahead of upcoming legislation for Digital Asset Platforms and Payment Service Providers [2][3] - ASIC reiterated that many digital assets, such as yield-bearing tokens and staking programs, will likely require an Australian Financial Services license under current law [3] Group 2: Examples and Obligations - The guidance expands from 13 to 18 worked examples, covering various digital assets like exchange-issued tokens, gaming NFTs, and yield-bearing stablecoins [3][4] - New custodial obligations require firms holding client assets to meet net tangible asset thresholds of up to $10 million (approximately US$6.5 million), unless their custody role is deemed incidental [5] Group 3: Offshore and Decentralized Structures - ASIC emphasized that Australian law applies to offshore and decentralized structures marketed or sold to local users, indicating that global platforms cannot evade domestic oversight [5] - The update builds on ASIC's previous decision to grant class relief to intermediaries distributing stablecoins from licensed issuers, allowing distribution without secondary-market or clearing licenses under certain conditions [6]