Specifically, the guideline mentions that a firm dealing with a crypto asset offered as a financial product must compulsorily have an Australian financial services license.
The report also highlights that miners will also be included in the clearing and settlement process in some specific cases:
“Where miners and transaction processors are part of the clearing and settlement (CS) process for tokens that are financial products Australian laws apply.”
The regulator also pointed out that “entities and their advisers need to consider all the rights and features of the ICO (regardless of how it is named and marketed) in determining whether the crypto asset is a financial product or involves a financial product.”
The report further specifies that exchanges managing such assets will need to hold a license as well, since the guidelines notes:
“Businesses offering crypto-assets, or offering services in relation to crypto assets, need to undertake appropriate inquiries to satisfy themselves they are complying with all relevant Australian laws.”
Lastly, the ASIC also noted that cryptocurrencies will have to comply with KYC (Know Your Client) and AML (Anti-Money Laundering) guidelines in accordance with the Australian Consumer Law, even in scenarios where the assets are disbursed or administered from overseas. The ASIC has cautioned the public that crypto venture OneCoin “could be involved in a scam.”
Last month end, the Australian Tax Office affirmed that will make efforts to contact cryptocurrency traders personally to discuss tax related problems under the new data gathering initiative.