In its submission to the ongoing Australian Senate inquiry into digital currency, the Australian Securities and Investment Commission (ASIC) has said that bitcoin and other cryptocurrencies are not financial products.
ASIC, which regulates Australian organisations, financial markets and services, and finance sector professionals, said in its submission that: "It is our view that digital currencies themselves do not fit within the current legal definitions of a 'financial product'."
This means that a person does not need an Australian market licence to operate a digital currency trading platform, or an Australian financial services licence in order to trade in digital currency; hold a digital currency for another person; provide advice in relation to digital currency; and arrange for others to buy and sell digital currency.
ASIC said in its submission that contracts for the sale and purchase of digital currencies are typically settled immediately, and as a result are unlikely to be financial products or derivatives.
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