Australia is set to implement new legislation requiring cryptocurrency exchanges and other crypto firms to obtain financial services licenses. The Australian Securities and Investments Commission (ASIC) is preparing an update to clarify how these firms will need to be licensed under the Corporations Act. This move aims to bolster market security and ramp up consumer protection. ASIC's commissioner Alan Kirkland announced at the AFR Crypto and Digital Assets summit that most crypto tokens will be treated as financial products, and the new regulations are expected to take effect by November 2024.