On 29 October 2025, the Australian Securities and Investments Commission (ASIC) updated Information Sheet 225 Digital assets: Financial Products and Services (INFO 225).

Background

In December 2024, ASIC consulted on updates to INFO 225 (CP 381) to clarify when certain digital assets are financial products. CP 381 also sought feedback on the application of the existing Australian Financial Services (AFS) licensee obligations to digital asset businesses, potential relief for wrapped tokens and ‘stablecoins’ for the transition to the Government’s proposed digital asset platforms and payment regimes, and a potential class ‘no action’ position for digital asset businesses to transition to licensing.

Updates to INFO 225

In the updated version of INFO 225 ASIC has, among other things:

  • Provided further guidance on some of the perceived challenges encountered by the digital assets industry in meeting specific requirements like the financial resources requirements for custodians, professional indemnity insurance, suitable qualified responsible managers, the requirement to hold client money in a separate trust account with an Australian authorised deposit-taking institution and preparing a target market determination under the design and distribution obligations.
  • Added five new examples (bitcoin, native proof-of-stake staking, tokenised real estate, wrapped tokens and non-interest bearing stablecoins) and five amended examples (managed staking/staking as a service, new blockchain, gold-linked token, yield-bearing stablecoin, and wallet). In particular, this confirms ASIC’s view that Bitcoin is unlikely to be a financial product.
  • Added examples of non-yield bearing stablecoins (that are non-cash payment facilities) and wrapped tokens (that are derivatives).
  • Clarified that custodial or depository standards apply to any financial product, based on any technology, using the existing principles-based approach.

No action letter

Together with the updated version of INFO 225 ASIC has published a class no-action letter for digital asset businesses. The no-action position outlines the scope and conditions where ASIC does not intend to take action for breaches relating to the requirement to hold an AFS licence, Australian market licence, or Australian clearing and settlement (CS) facility licence. It includes an AFS licence lodgement window no later than 30 June 2026. For Australian market and CS facility licences, the same window applies but rather than a licence lodgement, the requirement, among other things, is that ASIC is notified in writing of a person’s intention to apply. The no-action position is subject to conditions including the requirement to have Australian Financial Complaints Authority membership and foreign company registration if not Australian-based. Financial services relating to crypto lending/earn products, and crypto derivatives – other than wrapped tokens – are excluded from the no-action position.

Transitional class relief for secondary distributors

ASIC has decided, in principle, to give transitional class relief for secondary distributors of eligible stablecoins and wrapped tokens. ASIC is seeking feedback on a draft instrument – CS 32 Proposed relief for certain stablecoins and wrapped tokens, and extension of omnibus accounts for digital asset custody.

The deadline for comments is 12 November 2025.

Feedback

ASIC also released today a summary of feedback themes from submissions to CP 381. Feedback from the consultation informed the no-action position, and ASIC’s decision to provide the proposed relief and include additional examples in the updated guidance.