Australia Modernizes Crypto Rules: ASIC Introduces Stablecoin Relief and Digital Asset Exemptions

Source: CoinEdition Original Title: Australia Moves to Modernize Crypto Rules With ASIC Stablecoin Relief Original Link:

Overview

The Australian Securities and Investments Commission unveiled new exemptions for digital asset intermediaries, aiming to support innovation while the country rewrites its crypto rulebook. The relief focuses on eligible stablecoins and wrapped tokens, and narrows the circumstances in which firms need full financial services, market, or clearing licences.

Key highlights:

• Intermediaries can trade stablecoins and wrapped tokens without full financial services licences
• Providers may hold tokenized financial products in omnibus accounts with proper record-keeping
• Temporary relief lasts until mid-2028, allowing time for permanent legislation and compliance

Licensing Conditions and Exemptions

The new exemptions mean that intermediaries handling eligible stablecoins or wrapped tokens no longer need separate Australian financial services, market, or clearing and settlement facility licences when activity stays inside the defined scope.

Distributors will be able to:

• Operate a financial market or clearing facility without a licence if it only involves eligible stablecoins or wrapped tokens
• Provide certain financial services, including general advice, trading, and custodial services, without a full financial services licence

Conditions apply, including rules on redemption rights and maintaining reserves for both stablecoins and wrapped tokens. Reserves must be held separately and only used for redemption or disclosed fees.

ASIC also allows providers to hold digital assets that count as financial products in omnibus accounts, as long as they maintain detailed records and frequent reconciliations.

Regulatory Framework

These exemptions are part of Australia’s larger digital asset regulatory transformation. The government introduced the Corporations Amendment Bill on 26 November 2025, establishing comprehensive rules for digital asset platforms and custody services.

Exemptions apply to small-scale platforms handling under $5,000 per customer or $10 million annually. ASIC clarified that stablecoins, wrapped tokens, tokenized securities, and digital wallets are financial products, meaning providers need proper licensing to operate legally.

Transition Timeline

• No-action stance: ASIC has adopted a sector-wide no-action approach until 30 June 2026, giving companies time to review guidance and apply for licences
• Temporary relief period: These measures will remain in place until mid-2028, when permanent legislation covering tokenized payments and custody structures is expected

By allowing more flexible custody arrangements and licence exemptions, the regulator hopes to support growth in Australia’s digital asset ecosystem while maintaining oversight and transparency.