ASIC Expands Rules for Digital Assets
Australia’s Securities and Investments Commission (ASIC) has published an extensive update to its digital asset guidance, widening the scope of what falls under existing financial services laws. The revised framework - Info Sheet 225 - shifts from “crypto-assets” to a broader term, “digital assets” ensuring everything from tokens and stablecoins to NFTs and staking services can be captured under regulatory oversight.
The update comes as the Labor government prepares to introduce sweeping new legislation covering digital asset platforms and payment service providers, aimed at establishing a formal licensing system for exchanges, custodians, and stablecoin issuers.
New Examples and Custody Requirements
ASIC’s latest version of Info Sheet 225 expands from 13 to 18 worked examples, offering clearer definitions across a range of products - including exchange-issued tokens, staking-as-a-service, yield-bearing stablecoins, wrapped tokens, and gaming NFTs.
The regulator explains whether each example qualifies as a managed investment scheme, derivative, or non-cash payment facility, depending on the rights and benefits offered to investors.
One of the biggest additions is a custody framework, requiring crypto businesses holding customer assets to meet net tangible asset thresholds of up to AUD $10 million (about USD $6.5 million), unless their custody is deemed “incidental.”
ASIC also reaffirmed that offshore platforms are not exempt from compliance if they target or onboard Australian users - a clear warning to DeFi and foreign exchanges that geography won’t shield them from scrutiny.
Transitional Relief and Stablecoin Oversight
The regulator also reaffirmed its September “class relief” decision that temporarily allows licensed stablecoin issuers to distribute tokens through intermediaries without separate clearing or secondary-market licenses. However, issuers must still handle disclosure, compliance, and risk management.
This transitional measure was described as a “pragmatic bridge” while Treasury finalizes a comprehensive stablecoin regime, expected later this year.
In addition, ASIC outlined transitional pathways allowing experienced crypto professionals to qualify as responsible managers under AFS license requirements, and signaled potential no-action relief for companies already seeking authorization.
Preparing for Treasury’s New Digital Asset Laws
The updated guidance comes just ahead of Treasury’s Digital Asset Platforms Bill, which will introduce formal licensing for exchanges, custodians, and payment providers - a shift similar to the EU’s MiCA framework.
ASIC said its rules will evolve alongside Treasury reforms, but emphasized that businesses should already comply with existing obligations.
Fund Managers, DeFi, and Cross-Agency Coordination
For the first time, ASIC introduced guidance for fund managers and exchange-traded product (ETP) issuers offering retail exposure to digital assets - detailing custody, risk management, and disclosure standards under Chapter 5C of the Corporations Act.
While ASIC stopped short of defining “true DeFi,” it noted that licensing requirements for participants in decentralized finance systems will depend on individual roles and functions - a nod to future case-by-case enforcement.
The regulator also highlighted ongoing coordination with AUSTRAC, APRA, the Reserve Bank of Australia, and other agencies, describing itself as part of a “broader digital-asset regulatory network.”
