Australia’s financial regulator has introduced its first exemption for intermediaries distributing licensed stablecoins, underscoring the country’s drive to foster innovation while tightening oversight in digital assets.
The Australian Securities and Investments Commission (ASIC) announced on September 18 that it granted class relief to intermediaries handling stablecoins issued under an Australian Financial Services (AFS) licence. The measure removes the need for distributors to obtain separate financial services, market, or clearing and settlement licences when engaging in secondary distribution.
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First Stablecoin Approved Under Relief
ASIC described the move as “an important step in facilitating growth and innovation in the digital assets and payments sectors.” Once registered on the Federal Register of Legislation, the relief will take effect.
The exemption initially applies to AUDM, issued by Catena Digital Pty Ltd. ASIC may extend the relief to more issuers as additional stablecoins secure licences.
Distributors relying on the exemption must provide retail clients with the most recent product disclosure statement (PDS) prepared by the issuer. The instrument will remain in force until June 1, 2028, bridging the period before permanent digital asset reforms are introduced.
“The purpose of the instrument is to exempt distributors from the requirement to hold an AFS licence, an Australian market licence, or a CS facility licence in relation to a Named Stablecoin,” Australian Securities and Investments Commission said.
Policy Context and National Strategy
The exemption aligns with Treasury’s payments reforms, which identified stablecoins as a key pillar in modernizing the financial system. Its 2023 strategic plan emphasized building resilience and innovation, while a 2025 policy statement outlined a framework for fostering an innovative digital asset industry.
It also complements the Reserve Bank of Australia’s CBDC pilot, which tested tokenized money in real-world settings. The project report concluded that central bank digital currency could support new forms of settlement, underscoring the broader momentum in digital finance.
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In December 2024, ASIC’s consultation paper CP 381 proposed updates to its digital asset guidance, including how stablecoins may qualify as financial products. Industry submissions highlighted the heavy compliance costs for intermediaries, directly shaping today’s relief.
Market Outlook and Industry Demand
The exemption arrives amid strong institutional interest in Australia’s crypto sector. OKX recently launched a platform for SMSF investors, while Coinbase and OKX are targeting Australia’s AU$2.8 trillion pension pool.
Kate Cooper, General Manager of OKX Australia, told BeInCrypto before how regulatory clarity drives adoption:
“Proper licensing is an imperative. With more than one in three Aussies having owned crypto — and our monthly trading volumes exceeding 3 billion AUD — the stakes for getting regulation right have never been higher,” said Kate Cooper of OKX Australia
Her remarks echo industry concerns that Australia must establish fit-for-purpose rules to remain competitive in the Asia-Pacific region.
While the exemption provides immediate certainty, ASIC has set a repeal date of June 2028. This signals its intent to transition oversight to permanent legislation, currently being finalized by Treasury.
Australia’s approach reflects the principle of same activity, same risk, same outcome. With ASIC relief, Treasury reforms, RBA experiments, and exchange expansion converging, the country is positioning itself for a regulated yet innovative stablecoin market.
Source: https://beincrypto.com/asic-australia-stablecoin-distribution-exemption/