On 25 June 2026, the Australian Securities and Investments Commission (ASIC) issued an updated class no-action letter for digital asset businesses. The letter supersedes and extends ASIC's earlier position dated 29 October 2025. Digital asset firms in Australia gain three further months to transition to licensing. The new deadline for qualifying steps is 30 September 2026. The position covers providers of financial services involving digital asset financial products. It now reaches authorised representative and intermediary authorisation arrangements with Australian Financial Services (AFS) licence holders. The extension also applies to firms needing an Australian Market Licence or Clearing and Settlement (CS) facility licence. ASIC has received roughly 30 licence applications from digital asset businesses since October 2025. The letter follows feedback on Consultation Paper 381 and updates to Information Sheet 225. ASIC frames the move as a pragmatic response to industry transition challenges across the Australian crypto sector.
The extended ASIC no-action position explained
ASIC states it does not intend to take action against a person for contravening subsection 911A(1) of the Corporations Act 2001, which requires holding an Australian financial services licence (AFSL), for the provision of financial services in relation to digital assets that are financial products, where qualifying steps are taken on or before 30 September 2026.
Qualifying steps under paragraph 1(a) include lodging an AFSL application or an application to vary an existing AFSL, appointment as an authorised representative under section 916A, or entry into specified related body corporate or intermediary arrangements.
In its accompanying news item, ASIC describes the rationale as follows: "ASIC's decision reflects a pragmatic response to industry transition challenges. The extension and broader scope support an orderly path to licensing, while maintaining a focus on investor protection and market integrity."
Expanded scope for AFS licensee arrangements
ASIC confirms it is broadening the no-action position to include digital asset businesses:
- operating under, or entering into, authorised representative arrangements with an AFS licence holder, and
- operating under, or entering into, intermediary authorisation arrangements with an AFS licence holder.
The letter sets out the mechanics for each route, including intermediary authorisations under paragraph 911A(2)(b) and related body corporate agreements requiring notification to ASIC.
Market licence and CS facility relief
The 30 September 2026 extension also covers firms requiring an Australian Market Licence (AML) or a Clearing and Settlement (CS) facility licence. For these licences, the no-action position applies only where the person has, on or before 30 September 2026, notified ASIC in writing of their intention to apply and attended a licensing pre-meeting with ASIC. The applicant must then lodge the relevant application within 12 months of that notification.
Conditions and exclusions
The position carries defined limits. Key conditions include:
- The person must have first provided the relevant service in Australia on or before 31 December 2025.
- Firms serving retail clients (as defined in sections 761G and 761GA) must join the Australian Financial Complaints Authority (AFCA) before lodging, and maintain membership for at least one year after ceasing reliance.
- Foreign companies must be registered and have appointed a local agent under section 601CF by the relevant lodgement or appointment date.
ASIC's class no-action position does not apply to:
- crypto lending or earn products;
- non-cash payment facilities, other than stablecoins, where a digital asset is used to make a payment; and
- derivatives, other than wrapped tokens, in relation to digital assets.
Consistent with Regulatory Guide 108, ASIC notes the position "is a policy decision, not a legal opinion and is based on information currently available to ASIC." ASIC reserves the right to withdraw or revise the letter at any time.
Background: INFO 225 and the Digital Asset Framework
ASIC updated Information Sheet 225 Digital assets: Financial products and services (INFO 225) in October 2025 to clarify how existing laws apply to digital assets. The initial sector-wide no-action position ran until 30 June 2026 and accompanied the release of Consultation Paper 381. ASIC's position that the financial product definitions are broad and technology neutral was recently confirmed in the High Court in the Block Earner appeal (26-124MR). Updated INFO 225 aligns with the Government's broader Digital Asset Framework (DAF) reforms and ASIC's 18-month implementation roadmap. The letter is signed by Rhys Bollen, Senior Executive Leader – Fintech. Written notifications and queries go to fintech@asic.gov.au.
Source: ASIC class no-action letter for digital asset businesses (updated), 25 June 2026; ASIC news item "ASIC extends no-action position for digital asset businesses to 30 September 2026", published 25 June 2026.
