Providers of financial services involving digital asset financial products should act quickly to decide whether they require an Australian Financial Services (AFS) licence (or variation to their existing AFS licence) and apply by 30 June 2026, before ASIC’s no-action position expires.
Firms who need a licence or a variation to their existing authorisations, but do not apply by 30 June 2026, risk being in breach of financial services laws. Unlicensed conduct carries serious civil and criminal penalties under law, including significant fines that could reach up to 10% of annual turnover.
ASIC last year released updated guidance (25-250MR) on what digital asset products are considered to be financial products, including stablecoins, wrapped tokens, tokenised securities and digital asset wallets.
Businesses that require an Australian Market Licence or Clearing and Settlement (CS) facility licence must notify ASIC in writing of their intention to apply and hold a pre-meeting with ASIC by 30 June 2026.
As part of updating Information Sheet 225 Digital assets: Financial products and services (INFO 225), ASIC granted a sector-wide no-action letter enabling providers to consider the guidance and, where applicable, apply for a new or varied licence until 30 June 2026.
Licensing firms improves investor protections and provides greater certainty to providers to operate under the law.
Updated INFO 225 is aligned to and supports the Government’s broader work on the new laws that bring digital asset platforms (DAPs) and tokenised custody platforms (TCPs) under the financial services licensing regime from April 2027.
ASIC recently released its roadmap for implementation of the reforms that will see new regulatory guidance and operational standards set as part of the new regime.
Background
INFO 225
ASIC first published INFO 225 in September 2017, with updates made in 2018, 2019, 2021 and 2025.
INFO 225 is aimed at all firms involved in digital assets, including:
- existing financial services and financial markets businesses, including those exploring the application of blockchain technology to existing financial products and real-world assets (e.g. tokenisation)
- digital asset focused businesses
- brokers and intermediaries
- professional advisers to the above businesses.
Under our no action position, firms need to apply for a licence (or for markets or CS facility licences, notify us that they intend to apply) by 30 June 2026. Depending on the services they provide, some firms may instead comply by becoming an authorised representative of an AFS licensee by that date.
The INFO 225 package also included relief for distribution of certain stablecoins and wrapped tokens. These relief instruments remain in place as part of the transition to the new digital asset and payments services licensing reforms.
ASIC's Moneysmart website has information for investors on the risks of investing in crypto assets.
Digital Assets law reform
The Corporations Amendment (Digital Assets Framework) Act 2026 (DAF Act) passed Parliament on 1 April 2026, received Royal Assent on 8 April 2026, and will commence on 9 April 2027. The DAF Act provides for an 18-month implementation timeline.
Under the new regime, ASIC is tasked with licensing and supervising digital asset platforms (DAPs), and with enforcing the law as required.
To assist the industry, ASIC set out its roadmap for implementing the new regime. This includes our expected timeline and approach to consulting on the new standards and guidance, including early indications of the content that will be covered.
Many digital asset firms that apply for a licence based on INFO 225 will also need to add DAP and TCP authorisations to their licence once that regime commences.