The Australian Securities and Investment Commission (ASIC) has stated that various digital assets, including stablecoins, wrapped tokens, tokenized securities, and digital asset wallets, are classified as financial products and must comply with current laws.
In a statement released on October 29, 2025, ASIC confirmed that existing legislation applies to these digital assets and will continue to do so even under the government’s proposed legal changes. According to ASIC commissioner Alan Kirkland, this means that many companies offering these products will need to obtain a financial services license.
Kirkland announced that ASIC has granted a sector-wide “no-action” position until June 30, 2026. This grace period acknowledges that firms will require time to review the updated guidance and apply for licenses. Furthermore, ASIC has proposed granting regulatory relief to distributors of stablecoins and wrapped tokens to ease the transition to the planned law reform.
ASIC has made an initial decision to grant the proposed regulatory relief for distributors of specific stablecoins and wrapped tokens, and also for custodians holding digital assets that qualify as financial products. Feedback on these proposed measures is being accepted until November 12, 2025.
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