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Australia Eases Crypto Rules: Stablecoins Get Relief
11 Dec
Summary
- ASIC grants class relief for stablecoin intermediaries.
- Exemptions support innovation until June 30, 2026.
- Custody relief allows omnibus accounts for tokenized products.
Australia's securities regulator has finalized class relief for intermediaries involved in the secondary distribution of certain stablecoins and wrapped tokens. This move aims to support innovation within the digital asset sector as the government develops a permanent regulatory regime. The exemptions allow exchanges and other service providers to operate without needing separate financial services licenses for eligible products.
The regulatory relief also extends to custody services, permitting providers to hold tokenized financial products in omnibus accounts. This structure, common in traditional markets, was previously restricted for crypto. Adherence to proper record-keeping and reconciliation procedures is mandated for this exemption.
These temporary measures are in effect until June 30, 2026, giving companies time to adjust their operations or apply for licenses. The government anticipates replacing this transitional relief with comprehensive legislation governing tokenized payments and custody by mid-2028, marking a significant step in Australia's crypto framework.
