ASIC has published Information Sheet 225 (INFO 225) giving guidance to businesses and people offering products and services in relation to digital assets for determining the licence authorisations and regulatory obligations that may apply under the Corporations Act 2001 (Corporations Act) and the Australian Securities and Investments Commission Act 2001 (ASIC Act).

INFO 225 contains 18 hypothetical worked examples but notes that these are not exhaustive.

The examples provided indicate whether the digital asset or related product is likely – or unlikely – to be a financial product and, if so, which type of financial product.

The information sheet is intended to apply to a wide range of digital and crypto-assets, whether described as digital assets, crypto-assets, virtual assets, tokenised assets, tokens or coins.

Stablecoins, wrapped tokens, tokenised securities and digital asset wallets are among the digital asset products that ASIC considers to be financial products.

INFO 225 includes discussion of:

• Digital assets that are, or involve, a facility for making a financial investment;
• Digital assets that are, or involve, interests in a managed investment scheme;
• Digital assets that are, or involve, an offer of a security;
• Digital assets that are, or involve, a derivative;
• Digital assets that are, or involve, a non-cash payment facility;
• Providing financial services in respect of digital assets that are financial products;
• Misleading or deceptive conduct in relation to a digital asset;
• When a digital asset exchange becomes financial market infrastructure.

Under ASIC’s no-action letter dated 29 October 2025, digital asset providers not currently licensed will have until 30 June 2026 to apply for an AFSL and become a member of AFCA.

The information sheet is based on current law. Currently, the Australian Government is consulting on an exposure draft for amendments to introduce digital asset platforms and tokenised custody platforms as new financial products, as well as for payment service providers, which includes proposals to regulate certain stablecoins.

ASIC is also proposing to make ASIC Stablecoin and Wrapped Token Instrument, which would provide class relief to distributors of eligible stablecoins and eligible wrapped tokens.

INFO 225 also refers to the Australian Consumer Law. However, it does not cover Australian legislation administered by other regulators who oversee digital assets and digital asset service providers, such as the Australian Transaction Reports and Analysis Centre (AUSTRAC), the Australian Prudential Regulation Authority (APRA), the Australian Taxation Office (ATO), the Australian Competition and Consumer Commission (ACCC), and the Reserve Bank of Australia (RBA).

But ASIC says that the information sheet does not comment on when someone in a ‘decentralised finance’ (or DeFi) arrangement may require a licence, or what might be considered ‘true DeFi’.

ASIC says that the use of offshore or decentralised structures does not mean that key obligations under Australian laws do not apply or can be ignored

If you found this article helpful, then subscribe to our news emails to keep up to date and look at our video courses for in-depth training. Use the search box at the top right of this page or the categories list on the right hand side of this page to check for other articles on the same or related matters.