- ASIC will exempt intermediaries distributing stablecoins from needing an Australian financial services license.
- The exemption applies when intermediaries work with stablecoins issued by existing licensed issuers.
- This policy aims to support innovation and streamline operations for cryptocurrency firms.
- Stablecoins are digital tokens tied to traditional assets, and are under increased regulatory focus worldwide.
- The Australian government is exploring broader digital asset integration, as outlined in a recent Treasury whitepaper.
The Australian Securities and Investments Commission (ASIC) announced it will exempt intermediaries dealing with stablecoins from the requirement to hold a separate financial services license. The decision, made public on Thursday, targets companies distributing stablecoins from already licensed issuers in Australia.
According to ASIC, this “class relief” means that intermediaries involved in stablecoin-related services do not need additional licenses to operate, provided they offer coins from issuers who already hold an Australian financial services (AFS) license. The change covers financial services, market, or clearing and settlement facility licenses for those handling these digital assets.
ASIC stated this move aims to support business innovation in the digital asset sector. The regulator explained, “The exemption applies to parties distributing a stablecoin from an issuer that is already licensed in Australia,” in its official announcement.
Stablecoins are a type of cryptocurrency that maintain a stable value by pegging their price to traditional financial assets such as U.S. dollars or government bonds. These digital tokens have drawn attention from regulators around the world, including in the United States and Hong Kong, as governments establish rules for the growing cryptocurrency market.
Earlier this year, Australia indicated interest in integrating digital assets more deeply into the national economy. The country’s Treasury released a whitepaper describing plans to incorporate tokenization, real-world assets, and wholesale central bank digital currencies (CBDCs) to make financial markets more efficient.
For more on international developments in stablecoin regulation, refer to related reports such as the debate over the Bank of England’s proposed stablecoin ownership limits.
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