Australia’s corporate regulator has issued new guidance on digital assets — a move welcomed by blockchain industry leaders, though concerns remain over the fast-tracked licensing timeline.
The Australian Securities and Investments Commission (ASIC) updated its Info Sheet 225 on Wednesday, clarifying that companies offering crypto-related services deemed to be financial products must join the Australian Financial Complaints Authority (AFCA) and apply for an Australian Financial Services License (AFSL) by June 30.
Bitcoin Excluded from Financial Product Category
According to John Bassilios, crypto lawyer and partner at Hall & Wilcox, the new guidelines suggest that tokens such as Bitcoin, gaming NFTs, and tokenized concert tickets are unlikely to fall under the category of financial products.
“If you’re an exchange and you only deal in Bitcoin, then you don’t need to apply for a license based on that guidance,” Bassilios explained in a comment to Cointelegraph.
However, ASIC’s updated guidance classifies stablecoins, wrapped tokens, tokenized securities, and digital asset wallets as financial products.
John Bassilios, partner at Hall & Wilcox, noted that this definition could also cover yield-bearing stablecoins, tokenized real estate, tokenized bonds, and staking-as-a-service models — particularly those involving minimum staking requirements or lock-up periods.
ASIC also revealed it has made an in-principle decision to provide regulatory relief for certain stablecoin and wrapped token distributors, aiming to ease the transition ahead of upcoming digital asset law reforms.
Guidance Offers Clarity, but Challenges Remain
Steve Vallas, CEO of consulting firm Blockchain APAC, told Cointelegraph that while the guidance delivers much-needed clarity, it sets a high compliance bar that will require extensive coordination between policymakers, regulators, and the industry.
“ASIC has chosen to operationalize policy ahead of law reform,” Vallas said. “That approach brings short-term certainty but also highlights how much interpretation is now filling the gap left by pending legislation.”
Vallas noted that the true challenge now lies in implementation, with several structural bottlenecks likely to emerge.
“They include limited recognized local expertise, restricted banking access, and constrained insurance capacity,” he explained. “Without practical solutions, the compliance burden could shift from a legal challenge to a logistical one.”
Guidance Welcomed After Long Wait
Amy-Rose Goodey, CEO of the Digital Economy Council of Australia, told Cointelegraph that the industry had long awaited such clarity from the regulator.
“It gives us visibility into ASIC’s stance and how it intends to treat businesses within the digital asset sector — something we didn’t fully understand until now,” she said.
However, Goodey also expressed concern about ASIC’s capacity to handle the expected influx of license applications and process them efficiently to keep businesses compliant.
She described the current period as a “transition stage”, with many firms actively restructuring operations and reviewing the licenses they need to obtain.
The Albanese government previously proposed a new crypto regulatory framework in March, aiming to bring digital asset exchanges under existing financial services laws. The Treasury recently concluded its consultation on the draft legislation, which would extend these rules to crypto service providers.
