ASIC says Bitcoin 'unlikely' to be a financial product under new guidance
The corporate regulator has said if entities incorporate the cryptocurrency into their own products this could require a financial services licence.
Bitcoin is unlikely to be considered a financial product by the Australian Securities and Investments Commission (ASIC), according to its latest guidance.
ASIC today released updated guidance on digital assets, with clarity around Bitcoin among the most sought after by industry players.
The regulator said Bitcoin was “unlikely to be” a facility for making a financial investment, as there was “no promise or representation that the contributions will be used to generate returns for investors”.
It also said the cryptocurrency was unlikely to be a non-cash payment facility, though Bitcoin could be used within a separate non-cash payment facility arrangement.
