ASIC Proposes Updated Guidelines For Digital Assets

According to Odaily, the Australian Securities and Investments Commission (ASIC) has released a consultation paper titled 'Consultation Paper 381: Updating INFO 225 Digital Asset Guidance' (CP 381). This draft aims to provide clearer legal guidance for digital assets. The updated version includes 13 practical cases that address various aspects such as the definition of digital asset financial products, licensing issues related to wrapped tokens and stablecoins, and transitional arrangements. ASIC emphasizes its commitment to protecting consumer rights through guidance, licensing management, and enforcement measures. The public is invited to submit feedback on the proposed guidelines until February 28, 2025. The final version of the guidance document is expected to be published by mid-2025. This initiative reflects ASIC's ongoing efforts to adapt to the evolving digital asset landscape and ensure that regulatory frameworks are in place to safeguard market participants.