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<h2 dir="ltr">New regulatory framework progress from the Australian Securities &amp; Investments Commission (ASIC)</h2>
&nbsp;
In what can be called an ambitious move, on October 29, 2025, the Australian Securities and Investments Commission (ASIC) released a comprehensive regulatory framework, dealing with some classes of digital assets. Among the addresses are stablecoins, wrapped tokens, tokenised securities, and digital wallets. Together with the INFO 225, ASIC also brought a no-action letter.
&nbsp;
Though what is the primary aim of the release? According to the document, INFO 225 focuses on "businesses and people offering products and services in relation to digital assets generally". This is more important if your business is involved with digital assets, whether there are elements that are decentralised or not (e.g. exchanges, intermediaries, digital asset wallet providers, operators of decentralised finance platforms, asset managers and custodians.
&nbsp;
This release aims to help everyone understand their obligations under the Corporations Act 2001 and the ASIC Act 2001.&nbsp;The importance of this release also extends to individuals who are "considering, issuing or selling digital assets, dealing or advising on digital assets (whether to raise funds or otherwise), or offering other products or services related to digital assets". Let's&nbsp;take a deeper look at some of the big entrants of this new INFO 225 regime.&nbsp;
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&nbsp;
<h2 dir="ltr">ASIC Updated Guidance (INFO 225)</h2>
&nbsp;
Among the most recent introductions is the Updated Information Sheet 225 (INFO 225). The information sheet is majorly ASIC&rsquo;s primary interpretative guidance for the financial services regime. First produced in 2017, since then, the INFO guidance has been updated&nbsp; in 2018, 2019, and 2021.
&nbsp;
<h3 dir="ltr">What are the latest updates in this guidance?&nbsp;</h3>
&nbsp;
A <a href="https://www.asic.gov.au/about-asic/news-centre/find-a-media-release/2025-releases/25-250mr-updated-asic-guidance-supports-digital-asset-innovation-and-boosts-investor-protection/">media release</a> statement accompanying INFO 225 notes that under the existing law: &ldquo;Stablecoins, wrapped tokens, tokenised securities and digital asset wallets are among the digital asset products that ASIC considers to be financial products&rdquo;.&nbsp;In the statement, you will also find some 18 worked examples displaying the applications of ASIC&rsquo;s financial product definition to the different use cases of digital assets. However, the document noted that this was not an exhaustive list, stating: "The 18 hypothetical worked examples in Part A of this information sheet are not exhaustive. They are designed to help you think about these issues, but each product needs to be assessed on its own facts and circumstances."
&nbsp;
ASIC&rsquo;s latest updates advise entities to separately analyse individual tokens and see if they qualify as financial products. Look into the rights and benefits attached, including the uses of the product. According to the document:&nbsp; "This analysis is critical to determining whether the digital asset, and/or arrangement related to the digital asset, is a financial product".&nbsp;
&nbsp;
The production of this document aligns with the Digital Assets and Payment reforms proposed by the Australian Government. However, since the Australian Government is already in consultations "on an exposure draft for amendments to introduce digital asset platforms and tokenised custody platforms as new financial products" newer updates could come sooner than later.&nbsp;
&nbsp;
&nbsp;
<h3 dir="ltr">What are the practical implications of the new INFO 225 updates?</h3>
&nbsp;
If a product falls under the definition of a financial product, its issuance requires licensing and approval from regulators. By encouraging issuers to understand regulatory status before providing tokens, these updates promote compliance. Although there has been a wave of regulatory ambiguity in various jurisdictions. These new ASIC updates provide more clarity, eventually encouraging institutional participation.&nbsp;
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&nbsp;
&nbsp;
<h2 dir="ltr">Class No-Action Letter Details</h2>
&nbsp;
In its INFO 225 update, ASIC also issued a class<a href="https://download.asic.gov.au/media/3q3jwena/asic-class-no-action-letter-for-digital-asset-businesses-published-29-october-2025.pdf"> no-action letter</a> to balance innovation and the protection of investors. A no-action letter is a policy where a regulator outrightly says they will not take action against a certain conduct for a given duration. As per ASIC INFO 225: &ldquo;This is a letter in which we state to a particular person that we do not intend to take regulatory action over a particular state of affairs or particular conduct&rdquo;.&nbsp;However, this does not mean that laws are changing. And, it will not protect the organisation from other third-party suits. This policy took effect from October 29, 2025, and will operate until June 30, 2026.
&nbsp;
&nbsp;
<h3 dir="ltr">Why the need for No-Action?&nbsp;</h3>
&nbsp;
The primary aim of the No-Action letter is to provide industry participants with a transitional period to adhere to the changes in direction. But this does not give companies a pass. And, as per the letter, "It is not a guarantee that we will not take action in the future, nor is it intended to affect the rights of third parties to take action in relation to any contravention. It is not legal advice and may be withdrawn at any time".
&nbsp;
<h3 dir="ltr">Scope and eligibility</h3>
&nbsp;
As per reports, the No-Action letters will target:
<ul>
<li dir="ltr" aria-level="1">
Firms that provide financial services (AFS)
</li>
<li dir="ltr" aria-level="1">
Firms operating in financial markets
</li>
<li dir="ltr" aria-level="1">
Firms operating clearing/settlement facilities associated with digital assets are categorised as financial products.
</li>
</ul>
Crypto lending/earn products, non-cash payment facilities (except stablecoins) are not within the scope of the no-action letter. Moreover, the target group must have begun its activities on or before December 31, 2025, if the relief is to apply. And, the firms must take actions to apply for the AFSL, or other variations, by June 30, 2026.&nbsp;For those applying for a market licence, and even clearing and settlement facilities, you must make a formal notification to ASIC by June 30, 2026, and take action within 12 months.&nbsp;
&nbsp;
<h3 dir="ltr">Conditions for No-Action</h3>
&nbsp;
For firms providing services to retail clients, they must be members of the Australian Financial Complaints Authority (AFCA) before applying. And, they should remain members of the same for at least 12 months after ending their services. Foreign entities are also allowed to register in Australia as foreign companies. However, the condition is appointing a local agent. A non-Australian company must &ldquo;have been registered as a registered foreign company and have appointed a person as a local agent under section 601CF of the Act.&rdquo;
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<h2 dir="ltr">RBA&rsquo;s Project Acacia Announcements</h2>
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<a href="https://www.rba.gov.au/media-releases/2025/mr-25-18.html">Project Acacia</a> is a collaborative research initiative between the Reserve Bank of Australia (RBA) and Digital Finance Cooperative Research Centre (DFCRC) to explore how tokenised asset infrastructure could support Australian wholesale markets. This project puts keen eyes on the &lsquo;WHOLESALE&rsquo; tokenised asset market, including different forms of digital money like stablecoins, bank-deposit tokens, and a pilot wholesale CBDC.&nbsp;As per Project Acacia consultation papers, there are five settlement models, including:
<ul>
<li dir="ltr" aria-level="1">
Exploring delivery-versus-payment (DvP)
</li>
<li dir="ltr" aria-level="1">
Atomic settlement
</li>
<li dir="ltr" aria-level="1">
Synchronisation of money and asset transfer
</li>
<li dir="ltr" aria-level="1">
Feeder systems
</li>
<li dir="ltr" aria-level="1">
Batch-flow alternatives
</li>
</ul>
Considering the settlement models, on July 10, 2025, RBA, together with DFCRC, announced that they had settled on "24 innovative use cases from a diverse range of organisations" These use cases include 19 pilot use cases and five proof-of-concept use cases with simulated transactions.&nbsp;According to the RBA, the tests of the use cases would take a 6-month duration beginning mid-2025, and the results will be produced in Q1 2026.&nbsp;
&nbsp;
While <a href="https://www.rba.gov.au/media-releases/2025/mr-25-18.html">commenting</a> on this, the Assistant Governor (Financial System) at the RBA, Brad Jones, said: "The use cases selected in this project will help us to understand better how innovations in central bank and private digital money, alongside payments infrastructure, might help to uplift the functioning of wholesale financial markets in Australia".
&nbsp;
In a mission to support the new innovative class, ASIC reduced the licensing burdens for participants in Project Acacia. Kate O&rsquo;Rourke, ASIC Commissioner, said: "ASIC sees useful applications for the technologies underlying digital assets in wholesale markets. The relief from regulatory requirements that we have announced today will allow these technologies to be sensibly tested &mdash; to explore opportunities and identify and tackle risks". An inter-regulator collaboration in Australia is clear testimony that tokenised assets are not a mere sideshow, but an entire evolution. With Project Acacia, Australia towers above many other jurisdictions as a leader in creating and testing the next generation of finance.&nbsp;&nbsp;
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&nbsp;
<h2 dir="ltr">Final Thoughts</h2>
ASIC&rsquo;s latest developments, the INFO 225 update, and the no-action letter bring a dawn to a new digital asset regime in the country. The former represents clarity of the regulations, while the latter enables time for cooperation. It seems Australia aims to be among the pioneers of proper financial designs and testing, especially with the recent growth in tokenisation.
 ASIC&rsquo;s significance extends beyond Australian borders. It's a signal to global markets that tokenised assets and stablecoins are going into mainstream adoption. Businesses enjoy less regulatory friction, hence build without fear of enforcement disruptions. Individuals enjoy clarity in rules, which translates to safer platforms.&nbsp;The move will speed up capital inflows, strengthen institutional participation, and encourage proper testing across both the crypto industry and the broader financial sector.
&nbsp;
The transition means businesses and investors who come early and understand the implications of these developments will get ahead of this the new chapter. uCubed gives founders and investors a suitable environment for understanding new rules and navigating tokenised markets.&nbsp;

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ASIC No-Action Letter: Boosting Digital Asset Innovation 2025

In mid-October, Larry Fink, the CEO and Chairman of asset manager BlackRock, reignited a conversation on tokenisation, after saying in an interview that &ldquo;we&rsquo;re at the beginning of the tokenisation of all assets.&rdquo; In the comments, the BlackRock head called this a &lsquo;major opportunity for BlackRock&rsquo;, which is already a trillion-dollar asset manager.
&nbsp;
Fink outrightly stated that BlackRock plans to evolve beyond just the TradFi space by exploring more futuristic opportunities. But, is this really happening for BlackRock, or were Fink&rsquo;s statements merely a cryptic soundbite? Let&rsquo;s look into it!
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&nbsp;
<h2 dir="ltr">BlackRock&rsquo;s Performance Highlights</h2>
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Blackrock is" managing over $13.4 trillion as per the Q3 2025&nbsp;<a href="https://www.reuters.com/business/blackrocks-assets-hit-record-1346-trillion-third-quarter-markets-rally-2025-10-14/">report</a>. Although the firm is primarily in traditional finance, numbers provide testimony of increased efforts by BlackRock to bring TradFi into blockchain.
&nbsp;
BlackRock is behind the largest tokenised money market fund in the digital space. It manages the $2.8 billion BlackRock USD Institutional Digital Liquidity (BUIDL) fund, which was created with the help of tokenisation specialist <a href="https://securitize.io/">Securitize</a>. BUIDL is available on top chains like Solana, Ethereum, and Avalanche.
&nbsp;
While the aspirations of BlackRock leading the tokenisation charge might seem far-fetched, the company is already managing close to $100 billion in Bitcoin ETFs through its iShares platform. Even more interesting is the <a href="https://www.coindesk.com/business/2025/10/14/blackrock-ceo-larry-fink-eyes-bigger-role-in-tokenization">$61 million</a> in revenues reported only from digital asset products. While this is only a small fraction of the company&rsquo;s $6.5 billion earnings, it represents a minor income opportunity.
&nbsp;
The numbers paint a picture of a giant already shining in TradFi and speedily adopting digital finance through tokenisation.&nbsp;&nbsp;
&nbsp;
&nbsp;
<h2 dir="ltr">Fink&rsquo;s Vision for Tokenisation</h2>
&nbsp;
Remember what Fink said? In an interview with CNBC, BlackRock&rsquo;s CEO made a bold statement:
<blockquote>
&ldquo;We&rsquo;re just at the beginning of the tokenisation of all assets, from real estate to equities to bonds &hellip; across the board.&rdquo;
</blockquote>
&nbsp;
<h3 dir="ltr">Though, what is asset tokenisation?</h3>
&nbsp;
Tokenisation is a process where ownership or rights of a physical or digital asset are moved into a blockchain turning it into a digital token. With asset tokenisation, you can create a blockchain-based token representing a real-world asset like a building, a share of equity, or even a corporate bond. The idea is to ensure you can trade and settle on the distributed ledger.
&nbsp;
Why is the promise of tokenisation really compelling? Tokenisation promises to remove friction between settlements and provide proper access for everyone.
&nbsp;
Now, back to Fink&rsquo;s vision. The BlackRock CEO doesn&rsquo;t see tokenisation as just a speculative opportunity, but a global financial shift. Fink pointed to the <a href="https://coinmarketcap.com/charts/">$4.1 trillion</a> value of crypto held in wallets, stablecoins, and other blockchain assets. According to the investor, the value of crypto represents a much bigger opportunity.&nbsp;
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&nbsp;
<h2 dir="ltr">BlackRock&rsquo;s Role in Tokenisation</h2>
&nbsp;
According to BlackRock&rsquo;s CEO, the financial asset management firm is not going to remain behind the scenes. The firm aims to lead what Fink called &ldquo;the next wave of opportunity &hellip; over the next tens of years.&rdquo;
&nbsp;
The BUIDL fund is a prime example. This first tokenised BlackRock Money Market Fund (MMF), launched in March 2024, is already breaking ground and setting records in the finance world. For instance, in March 2025, the BUIDL paid about $4.17 million as monthly dividends.&nbsp;
&nbsp;
BlackRock&rsquo;s active involvement in tokenisation also led to a partnership with BNY Mellon. The mission? Creating a class for the Treasury Trust Fund. The name of the shares is DTL Shares, which will live on the blockchain, but represent traditional assets.
&nbsp;
The BlackRock head has, on multiple occasions, been vocal about the tokenisation of bonds and tokens.
&nbsp;
&nbsp;
<h2 dir="ltr">Why Tokenisation Matters for Investors</h2>
&nbsp;
You might be asking yourself, 'What is the relevance of this BlackRock tokenisation story to me as an investor?' Well, here are some benefits that comes with asset tokenisation:
<ul>
<li dir="ltr" aria-level="1">
Most businesses and organisations&nbsp; want efficient and cost-effective structures and opportunities. Tokenisation helps achieve this by reducing intermediaries, leading to quicker and cheaper settlement during transactions.&nbsp;&nbsp;
</li>
<li dir="ltr" aria-level="1">
Tokenisation encourages inclusivity. Through&nbsp; tokenisation of real estate, ownership can be fractionalised, giving people with lower financial means easy access to owning properties.
</li>
<li dir="ltr" aria-level="1">
According to Fink, tokenisation offers the possibility of combining passive, active, public, and private markets on a single digital ledger. This gives opportunities for portfolio diversification.
</li>
</ul>
&nbsp;
&nbsp;
<h2 dir="ltr">Market Context &amp; Industry Implications</h2>
&nbsp;
As the crypto industry expands, especially with increase in institutional adoption, Fink believes there are massive opportunities for growth and wealth creation. However, there are things to consider before going all Into tokenisation. In this emerging industry, regulatory frameworks are still being shaped, while operational and legal frameworks, especially for real-world assets (RWAs), are still in their infancy stage
&nbsp;
Also, with BlackRock actively building strategies, with public and private markets, the inculcation of a digital tokenisation is easier. However, such a move can give the investment giant power to maintain a competitive edge in the space, leading to market monopoly.
&nbsp;
&nbsp;
<h2 dir="ltr">The Value of Long-Term Thinking</h2>
&nbsp;
Institutional investors like Fink are already advocating investing long-term rather than speculating and short-term betting on tokenised assets. This type of expert investment advice is to avoid any speculative distractions.&nbsp;
&nbsp;
The new mindset Larry Fink is encouraging is to invest, hold, and compound. Go for tokenised versions of equity and real-world assets for the long-term.&nbsp;
&nbsp;
&nbsp;
<h2 dir="ltr">Conclusion</h2>
&nbsp;
Larry Fink&rsquo;s pronouncement that &ldquo;we&rsquo;re at the beginning of the tokenisation of all assets&rdquo; was not merely a story; BlackRock is already living it. For BlackRock, tokenisation is not a side project, but the core of the firm's future and the financial space.&nbsp;
&nbsp;
BlackRock investors benefit from a duality of opportunities: First, the perks that come with investing in traditional finance, and the benefits that tokenisation brings. Very soon, portfolios will be filled with digital ledgers, tokenised RWAs, wallets, and not brokerage accounts.&nbsp;
&nbsp;
Whether you join the tokenisation journey or not, the movement is already underway, and the line between TradFi and digital finance is slowly blurring. For companies and individuals, now is the time to broaden your knowledge of tokenisation with <a href="https://www.ucubed.au/">uCubed</a>, a platform that provides the necessary framework and education to navigate tokenised markets.

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BlackRock CEO Larry Fink says tokenisation of equities, bonds and real estate marks the next era of global finance.

Larry Fink Says Tokenisation of All Assets Is Just Beginning

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