The Australian Securities and Investments Commission (ASIC) has introduced new regulatory relief for intermediaries handling certain stablecoin products, a move aimed at clarifying requirements for digital asset distribution in the country.
Under the class relief, intermediaries will be allowed to engage in the secondary distribution of stablecoins issued by Australian financial services (AFS) licensees without holding additional market, clearing or settlement facility licences. The measure is designed to reduce overlap in licensing obligations while maintaining consumer protection standards.
Scope of the Relief
The exemption applies only to stablecoins issued by entities with an AFS licence. ASIC confirmed that intermediaries relying on the relief must provide clients with the product disclosure statement prepared by the issuer, if one exists.
The regulator emphasised that the initiative does not relax licensing standards for issuers themselves. Stablecoin providers must still obtain an AFS licence before their products can qualify. ASIC said it will review extending the relief as more licensed issuers emerge in the market.
According to the regulator, the relief will take effect once registered on the Federal Register of Legislation. Until then, existing licensing obligations remain in place.
Balancing Innovation and Oversight
ASIC said the decision reflects its approach to “responsible innovation” in the digital assets sector. The commission has consistently noted the importance of regulatory certainty as digital payment tools and tokenised assets gain wider use.
By focusing the relief on intermediaries rather than issuers, ASIC seeks to streamline compliance for firms that facilitate trading and distribution, while preserving oversight of entities directly responsible for issuing stablecoins.
The announcement marks the first time ASIC has granted this type of class relief in connection with stablecoins. The regulator has not specified how many issuers are currently eligible, but noted that additional providers could qualify once licensed under the AFS framework.
Next Steps for Industry
Market participants welcomed the clarity around distribution rules, though the exemption carries obligations for intermediaries to ensure disclosure documents are available to clients. Industry observers said the measure could encourage greater participation in the regulated stablecoin market by reducing duplicative licensing hurdles.
ASIC stressed that consumer safeguards remain central to its approach. Stablecoins covered by the relief must still meet the financial and compliance standards tied to the AFS licensing regime, including oversight on product disclosures and investor protections. The relief is set to come into force following its registration, providing a framework that may expand as more stablecoin issuers gain licences.
