Speaking at the AFR Digital Asset Summit, Australian Securities and Investments Commission (ASIC) Commissioner Alan Kirkland said that many crypto asset companies will need to obtain a financial services license under the Companies Act. ASIC believes that some crypto assets should be classified as financial products, but there are uncertainties due to the fact that the crypto space does not fully align with the current regulatory model. ASIC plans to update its guidelines by November to clarify the classification and treatment of related crypto tokens. ASIC has also strengthened its supervision of the crypto industry, recently taking enforcement action against Kraken and the Australian Securities Exchange (ASX).