The Australian Securities and Investments Commission (ASIC) has launched a licensing exemption for intermediaries distributing stablecoins issued by licensed entities.
According to the recently released ASIC Corporations (Stablecoin Distribution Exemption) Instrument 2025/631, intermediaries distributing stablecoins issued by Australian Financial Services (AFS) licensees do not need to hold their own AFS, market, or clearing and settlement facility licenses.
In a statement on Thursday, the regulator indicated that ASIC is committed to supporting responsible innovation in the rapidly evolving digital asset space while ensuring that important consumer protection measures are in place by requiring qualified stablecoins to be issued under an AFS license.
ASIC noted that the exemption only applies to stablecoins classified as financial products under the current Corporations Act and issued by qualified AFS licensees.
Currently, the exemption only applies to Catena Digital Pty, the issuer of the AUDM stablecoin. However, ASIC stated that in the future, as more stablecoin issuers obtain AFS licenses, the scope of the exemption is expected to expand further.
The exemption covers several financial services related to the distribution of secondary stablecoins, including providing general advice, market making, trading stablecoins (excluding issuance), and custodial services.
The document discusses the latest revisions to ASIC's guidelines on crypto assets. Industry insiders have pointed out that the current licensing regulations impose heavy compliance costs on intermediaries during the transition period.
According to ASIC, this grace measure will serve as a transitional bridge until relevant reforms—especially the proposed payment stablecoin licensing framework—are fully implemented. The exemption is a temporary measure and will expire on June 1, 2028, unless revoked earlier.
According to a recent Binance survey, cryptocurrency users in Australia still face banking restrictions when recharging at exchanges. Among 1,900 respondents, 58% called for the simplification and removal of recharge restrictions, while 22% indicated that they had switched banks for better cryptocurrency services.
Despite significant regulatory progress, including the implementation of anti-money laundering (AML) regulations for exchanges since 2018 and the launch of Bitcoin (BTC) and Ethereum (ETH) spot ETFs in 2024, related friction still exists.
Related: Bitcoin (BTC) options market turns cautious—professional traders ramp up bullish bets ahead of the Federal Reserve's interest rate decision.
Original: “ASIC Eases Licensing Rules for Stablecoin Distributors in Australia”
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