Australia's crypto industry is concerned that companies may leave the country following statements by the Australian Securities and Investment Commission (ASIC) that considers most crypto assets as financial products. This classification would subject crypto companies to a regulatory burden and potentially drive them to explore opportunities abroad. ASIC's comments have raised concerns that the regulator is tightening its oversight and may impose onerous conditions. The industry is calling for urgent consultation with policymakers to address the issue. There is also frustration over the lack of clarity in Australia's crypto regulation, with draft legislation still not enacted as of 2023.



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