Australia’s corporate regulator has published updated guidance on digital assets, which blockchain executives welcomed while expressing concerns about the speedy issuance of licenses.

Australian Securities and Investments Commission updated on Wednesday information sheet 225, announcing that companies offering crypto services classified as financial products will need to become a member of the Australian Financial Complaints Authority and apply for an Australian financial services license by June 30.

Bitcoin is not a financial product

John Bassilios, a cryptocurrency lawyer and partner at Hall & Wilcox, told Cointelegraph that tokens such as Bitcoin (BTC), non-fungible gaming tokens and tokenized concert tickets are unlikely to be considered financial products under the up-to-date guidelines.

“If you run an exchange and only trade bitcoin, you don’t need to apply for a license based on these guidelines,” he said.

However, stablecoins, wrapped tokens, tokenized securities and digital asset wallets are among the financial products that ASIC recognizes in its updated guidance.

Bassilios said this could also include yielding stablecoins, tokenized real estate, tokenized bonds and staking as a service where there are restrictions such as a minimum staked balance or lock-up period.

ASIC also said it had decided in principle to grant regulatory relief to stablecoins and certain wrapped token distributors to facilitate the transition to the proposed law reform.

The guidelines provide clarity, but structural bottlenecks remain

Steve Vallas, CEO of blockchain consultancy APAC, told Cointelegraph that the updated guidelines set a demanding standard that will require significant coordination across policies, regulations and the industry to implement.

“ASIC has chosen to operationalize the policy ahead of law reform. This approach provides certainty in the short term, but also demonstrates the extent to which interpretation currently plays a legislative role,” he said.

Vallas said the real test now will be implementation with “structural bottlenecks” that could cause problems.

“These include limited recognized local expertise, access to banking services and insurance options. Without practical solutions, there is a risk that a legal challenge turns into a logistical challenge,” he said.

Tips are welcome and long awaited

Amy-Rose Goodey, chief executive of advocacy group the Australian Digital Economy Council, told Cointelegraph the industry had been waiting for such clarity for a long time.

“It gives us guidance and clarity about ASIC’s position and how they intend to treat digital asset companies, which we haven’t fully understood until now,” she said.

However, Goody agrees there are still concerns about ASIC resources and the ability to process vast numbers of licenses in a timely manner to ensure business compliance.

Related: Juvenile Australians’ biggest financial regret: ignoring $400 Bitcoin

According to Goody, the industry is currently in a “transition phase” as companies restructure and review required permits.

In March, the Albanian government proposed a up-to-date crypto framework to regulate exchanges under existing financial services regulations, and the Treasury on Friday concluded consultations on draft legislation that would extend financial sector regulations to crypto service providers.

Warehouse: Cliff Bought 2 Houses with Bitcoin Mortgages: Sharp… or Crazy?