The Australian Securities and Investments Commission has introduced licensing exemptions for intermediaries distributing stablecoins issued by licensed entities.
The relief is temporary and will expire on June 1, 2028, unless repealed earlier. ASIC said it is intended as a bridge until a broader licensing framework for payment stablecoins is implemented.
Scope of the Exemption
Under the ASIC Corporations Stablecoin Distribution Exemption Instrument, intermediaries distributing stablecoins issued by an Australian financial services licensee no longer need to hold their own AFS, market, or clearing and settlement facility licenses.
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ASIC said the exemption only applies to stablecoins classified as financial products under the Corporations Act and issued by eligible AFS licensees.
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Currently, the relief applies to a single issuer, Catena Digital Pty, which issues the AUDM stablecoin. ASIC noted the exemption could expand as more stablecoin issuers obtain AFS licenses.
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Covered Services
The measure covers services related to secondary distribution, including providing general advice, making a market, dealing in the stablecoin, and custodial services.
ASIC introduced the exemption following feedback on a consultation paper. Stakeholders had raised concerns about compliance costs under existing licensing rules during a transitional period.
Global Regulators Increase Focus on Stablecoins and Digital Assets
Recent global developments show regulators are increasingly focused on stablecoins and digital assets. Earlier, ASIC has urged crypto firms to apply for an Australian Financial Services Licence and updated guidance on compliance.
The European Union implemented the Markets in Crypto-Assets Regulation for asset-referenced and e-money tokens, while the U.S. passed legislation allowing banks and financial institutions to issue stablecoins backed by fiat or high-quality collateral.
This article was written by Tareq Sikder at www.financemagnates.com.
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