ASIC Eases Licensing for Stablecoin and Wrapped Token Distributors
- Australia’s securities regulator, ASIC, announced new class relief for intermediaries distributing certain stablecoins and wrapped tokens.
- The relief includes exemptions from Australian Financial Services (AFS) licensing requirements for secondary distribution.
- Omnibus account structures are now extended to all digital-asset financial products, enhancing operational efficiency.
- Eligible stablecoins must maintain reserves equal to or greater than the total underlying currency amount with unconditional redemption rights.
- The measures require stablecoin issuers to publish quarterly reserve reports after four months and annual audited reports after sixteen months.
ASIC’s new measures aim to foster innovation in Australia’s digital asset sector by easing licensing requirements while imposing stricter reserve and disclosure expectations on issuers. The framework allows more flexibility for distributors of stablecoins and wrapped tokens under a single regulatory approach.
These changes are expected to support growth in the sector, with the framework set to expand as more issuers secure AFS licenses, providing a transition period until January 2029 before broader regulations take effect. (Source)
