ASIC releases updated INFO 225

In October 2025, ASIC issued a revised version of Information Sheet INFO 225, reflecting developments in the digital financial assets sector and clarifying how regulatory obligations apply.

This Gen Advisory article summarises the revised INFO 225's key features and implications for digital financial asset services providers in Australia.

Background

• ASIC has updated Information Sheet 225: Digital assets: Financial products and services (“INFO 225”), providing clarification on the application of existing laws to digital assets and increased certainty for digital asset businesses. The updated guidance provides examples of circumstances under which a product or service is likely to be captured as a regulated financial product.

  
  

• The update was released alongside an updated sector wide no-action letter, applicable until 30 June 2026, to give digital asset businesses time to transition to or obtain appropriate AFS licensing.

  
  

• INFO 225 does not introduce new law or create new legal obligations; it explains how existing Australian financial-services laws apply to digital-asset products and services.

What's New (2025 version).

• Broader terminology: The sheet now uses “digital assets” instead of “crypto-assets,” encompassing not just cryptocurrencies but tokenised real-world assets, stablecoins, wrapped tokens, wallets and others.

  
  

• Expanded worked examples: INFO 225 now contains 18 worked examples across five categories of financial products — illustrating when a digital asset or product will likely be treated as: a facility for making an investment; an interest in a managed investment scheme ; a security (e.g. shares or debentures); a derivative; or a non-cash payment (NCP) facility.

  
  

• Detailed classification guidance: The updated guidance sets out ASIC’s position on how different digital asset types are typically classified:

  
  

  • Fiat-backed stablecoins → non-cash payment facilities (NCP).

    
    

  • Wrapped tokens → likely derivatives.

    
    

  • Staking / yield-generating products: depends on structure — e.g. direct participation in proof-of-stake (POS) may not be a financial product, but intermediated or platform-based staking (where a provider offers pooled investment or management) likely is a “facility for making financial investments” or MIS.

    
    

  • Tokenised real-world-asset products (e.g. real estate, gold-linked tokens): if structured as pooled investments, may be MIS; if fully allocated (1:1 to a physical asset, no pooling) — less likely to be MIS.

    
    

  • Bitcoin is not a financial product.

    
    

• Clearer obligations for service providers: The update spells out how existing licensing obligations (e.g. the need for an AFSL) and regulatory duties apply to digital-asset services, including custody, disclosure, design and distribution obligations.

  
  

• Regulatory relief and transitional arrangements: Recognising that many digital-asset businesses may suddenly find themselves unlicensed under the new interpretation, ASIC has issued a sector-wide “no-action” position (i.e., temporary regulatory relief) to allow businesses to apply for an AFSL or meet other obligations.

  
  

Changes ahead

The guidance arrives as the Australian government advances its own Digital Assets Platform (DAP) and Tokenised Custody Platform (TCP) legislation, expected to introduce a formal licensing regime for exchanges and custodians later this year. 

ASIC has advised that its framework will evolve alongside those Treasury reforms, but that entities should already be preparing to comply with existing obligations.

Implications for digital asset businesses

For digital asset businesses, now is the time to review whether your activities are captured under the updated AFSL framework and prepare ahead of the 2026 transition.

If you're a digital asset business and wish to discuss how the updated INFO 225 impacts you, please get in touch with the Gen Advisory team.

Note: This article is of a general nature and not intended to address the objectives, financial situation or needs of any particular individual or entity. It is provided for information purposes only and does not constitute professional or legal advice.

Should you have any questions regarding this article, please get in touch with the Gen Advisory team.