The Australian Securities and Investments Commission (ASIC) has introduced licensing exemptions for intermediaries involved in the distribution of stablecoins issued by licensed entities.
Under the newly published ASIC Corporations (Stablecoin Distribution Exemption) Instrument 2025/631, intermediaries distributing a stablecoin issued by an Australian financial services (AFS) licensee are no longer required to hold their own AFS, market or clearing and settlement facility licenses.
“ASIC is committed to supporting responsible innovation in the rapidly evolving digital assets space, while ensuring important consumer protections are in place by having eligible stablecoins issued under an AFS licence,” the regulator said in a Thursday announcement.
According to ASIC, the exemption only applies to stablecoins classified as financial products under the current Corporations Act and issued by eligible AFS-licensed entities.
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ASIC exemption currently applies only to AUDM
Currently, the exemption applies to a single issuer, Catena Digital Pty, which issues the AUDM stablecoin. However, ASIC said it may extend the scope of the exemption as more stablecoin issuers obtain AFS licenses.
The exemption covers a range of financial services related to secondary stablecoin distribution, including providing general advice, making a market, dealing in (but not issuing) the stablecoin and custodial services.
The measure follows public feedback on a recent consultation paper that explored updates to ASIC’s crypto asset guidance. Industry stakeholders flagged the burdensome compliance costs for intermediaries under current licensing rules, especially during a transitional period.
ASIC said this relief will be a bridge until those reforms, particularly a proposed licensing framework for payment stablecoins, are fully implemented. The exemption is temporary and will expire on June 1, 2028, unless repealed earlier.
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Banking friction slows crypto adoption in Australia
Australian crypto users continue to face restrictions from banks when depositing funds into exchanges, according to a new Binance survey. Of the 1,900 respondents, 58% called for easier, unlimited deposits, while 22% reported switching banks to gain better crypto access.
The friction persists despite notable regulatory progress, including Anti-Money Laundering rules for exchanges since 2018 and the launch of spot Bitcoin (BTC) and Ether (ETH) ETFs in 2024.
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