Where things stand
On 29 October 2025, the Australian Securities and Investments Commission (ASIC) released a class no action letter alongside an updated Information Sheet 225: Digital assets: Financial products and services.
For the purposes of the letter, ASIC defines a digital asset to mean a digital representation of value or rights (including rights to property), the ownership of which is evidenced cryptographically and that is held and transferred electronically by a type of distributed ledger technology or another distributed cryptographically verifiable data structure.
To assist digital asset financial service providers with transitioning to licensing, ASIC proposes that it will not take enforcement action for certain contraventions of the Corporations Act 2001 (Cth) provided businesses meet the below requirements and deadlines.
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| Matter | Conditions | Expiry | Exclusions |
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| Requirement to hold an Australian financial services licence (AFSL) | Lodge an AFSL application (or variation application) on or before 30 June 2026 The financial services in connection with digital asset financial products are provided on or after 29 October 2025, and provision of financial services in Australia must have first commenced on or before 31 December 2025. If providing services to retail clients, be an AFCA member before lodging the application and remain a member for at least 1 year after ceasing those services in reliance on the no action position. Foreign companies must be registered as a foreign company and appoint a local agent no later than lodgement of the AFSL application (or variation) and remain so until at least the day the person has both ceased to provide the financial services and notified ASIC in writing.
| Ends on the earliest of: ASIC notifies refusal to receive application application is withdrawn ASIC refuses to grant an AFSL or variation AFSL or variation is granted
| Crypto lending or earn products (facilities under which a person lends digital assets to others or pays a return to customers from the use of digital assets). Non-cash payment facilities, other than stablecoins, where a digital asset is used to make a payment. Derivatives (other than wrapped tokens) in relation to digital assets.
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| Requirement to hold an Australian market licence (AML) | Notify ASIC in writing of intention to apply for AML (or vary an AML) on or before 30 June 2026. Attend an AML licensing pre-meeting with ASIC on or before 30 June 2026. Lodge the AML application (or variation) within 12 months after the written notice. Operation of the financial market where one or more digital assets is a financial product occurred on or after 29 October 2025, and operation must have commenced in Australia on or before 31 December 2025. Foreign companies: be registered as a foreign company and appoint a local agent no later than the AML licensing pre‑meeting and remain so until at least the day the person has both ceased to operate the financial market and notified ASIC in writing.
| Ends on the earliest of: ASIC notifies refusal to receive application application is withdrawn ASIC refuses to grant an AML or variation AML or variation is granted
| As above. |
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| Requirement to hold an Australian clearing and settlement (CS) facility licence | Notify ASIC in writing of intention to apply for a CS facility licence (or vary a licence) on or before 30 June 2026. Attend a CS facility licensing pre-meeting with ASIC on or before 30 June 2026. Lodge the CS facility application (or variation application) within 12 months after the written notice. Operation of the CS facility where one or more digital assets is a financial product occurred on or after 29 October 2025, and operation must have commenced in Australia on or before 31 December 2025. Foreign companies: be registered as a foreign company and appoint a local agent no later than the CS facility licensing pre‑meeting and remain so until at least the day the person has both ceased to operate the clearing and settlement facility and notified ASIC in writing.
| Ends on the earliest of: ASIC notifies refusal to receive application application is withdrawn ASIC refuses to grant a CS facility licence or variation CS facility licence or variation is granted
| As above. |
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| Intent to cease | ASIC will not take action for contraventions of licensing requirements for businesses that intend to cease providing services, subject to the following conditions: Notify ASIC in writing of intention to cease provision of financial services or operation of the financial market or CS facility by a specified date that is (i) no later than 30 June 2026 and (ii) no later than three months after the date of the notice. The notice must describe the digital assets and financial services, financial market, or CS facility. Cease on or before the date specified in the notice. Service, market or facility must have commenced in Australia on or before 31 December 2025.
| Continues until the specified cessation date and ends if conditions are not met. | As above. |
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ASIC’s class no action position is issued under Regulation Guidance 108: No action letters and is a statement of present regulatory intent, not a legal opinion. It may be withdrawn or revised at any time (ASIC will consider impacts on parties who reasonably relied on it) and ASIC may still take enforcement action notwithstanding the letter. The position is fact‑specific and not a precedent or de facto rulings system, and it does not bind courts or third parties (for example, the Director of Public Prosecutions). ASIC also reserves its right to publicise its regulatory position.
What’s next
During this transition period, ASIC has signalled it will continue to act against serious misconduct causing significant consumer harm or systemic issues.
The no action letter has been released alongside an updated Information Sheet 225: Digital assets: Financial products and services and accompanying ASIC instruments covering stablecoin and wrapped token relief and extending the use of omnibus accounts.
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