ASIC Eases Crypto Regulations: New Exemptions for Stablecoins and Wrapped Tokens

TLDR

• ASIC simplifies crypto rules for stablecoin and wrapped token intermediaries.
• New exemptions allow easier operations for crypto firms in Australia.
• Stablecoin issuers must publish quarterly reserve reports and audits.
• ASIC eases custody requirements for wrapped tokens with omnibus accounts.
• Crypto firms have until June 2026 to comply with updated regulations.

The Australian Securities and Investments Commission (ASIC) has introduced new regulatory measures aimed at simplifying crypto rules. The exemptions will help foster innovation within Australia’s digital asset and payment sectors. ASIC has granted relief for intermediaries handling certain stablecoins and wrapped tokens, allowing them to operate without needing separate financial services or market licenses. This shift comes as part of ASIC’s ongoing effort to adapt the regulatory framework for digital assets.

ASIC’s New Exemptions for Stablecoin Intermediaries

ASIC has granted class relief to intermediaries that deal with eligible stablecoins, easing the requirement to hold separate licenses. Under this relief, firms involved in the secondary distribution of stablecoins will no longer need to hold separate Australian Financial Services (AFS) or clearing facility licenses. This decision follows previous measures from September, which allowed stablecoin intermediaries to operate without additional licensing. ASIC’s goal is to simplify the regulatory process for companies working with stablecoins.

The regulator clarified that eligible stablecoins must maintain reserves at or above the value of the underlying currency. Moreover, these stablecoins must offer holders unconditional redemption rights. As part of its new framework, ASIC has also specified that issuers must publish quarterly reserve reports and provide annual audits. This new rule aims to ensure that stablecoin issuers maintain transparency and reliability.

Wrapped Tokens: ASIC’s Custody Relief and Expanded Scope

ASIC has granted custody relief for wrapped tokens, allowing providers to hold these assets in omnibus accounts. Omnibus accounts, a structure traditionally used in financial markets, were previously restricted in the crypto space. ASIC now permits tokenized financial products to be held in these accounts, provided firms follow strict record-keeping and reconciliation procedures.

ASIC expanded the eligibility for this exemption to include wrapped tokens from issuers that have applied for an AFS license. The move came after consulting with industry stakeholders, many of whom supported the new framework. They also asked for clearer definitions and broader eligibility for tokens, which ASIC has addressed by including more tokens under the exemption.

This change marks an important shift in how digital assets are treated under Australian law. It enables providers to hold digital assets more efficiently while maintaining regulatory compliance. ASIC’s updated framework is expected to drive growth in the country’s digital asset market and contribute to a more streamlined regulatory environment.

A Broader Regulatory Framework for Digital Assets

The new exemptions for stablecoins and wrapped tokens are part of ASIC’s broader digital asset framework. This framework aims to bring clarity and consistency to the regulatory landscape for crypto firms. ASIC’s updated digital asset guidance, published in October, reinforces that stablecoins, wrapped tokens, and other crypto products are considered financial products under existing law.

Companies will have until June 30, 2026, to adjust their operations and comply with the new regulations. During this transition period, ASIC will not take action against firms that are actively working to obtain the necessary licenses. The updated regulatory stance reflects ASIC’s commitment to adapting to the growing digital asset sector while ensuring consumer protection.

These regulatory changes signal ASIC’s focus on facilitating innovation in Australia’s digital asset sector. The regulator’s decisions are expected to contribute to the development of a more comprehensive regulatory environment for digital assets in the future.

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