ASIC Finalizes Exemptions to Enhance Distribution of Stablecoins and Wrapped Tokens

Australia's securities regulator has introduced new exemptions aimed at simplifying the distribution process for stablecoins and wrapped tokens by businesses.

Key Takeaways:

ASIC has eliminated the need for separate licensing for intermediaries distributing stablecoins and wrapped tokens.
The exemptions permit the use of omnibus accounts, which lower costs and enhance operational efficiency.
Industry experts believe this regulatory clarity will accelerate the adoption of stablecoins in real-world applications as global demand rises.

The Australian Securities and Investments Commission (ASIC) announced on Tuesday its decision to grant “class relief” for intermediaries who are involved in the secondary distribution of specific stablecoins and wrapped assets.

This update removes the requirement for separate Australian Financial Services (AFS) licenses for handling these products, alleviating a compliance burden that has been a hassle for many market players.

ASIC Finalizes Exemptions to Boost Stablecoin and Wrapped Token Distribution

ASIC Supports Omnibus Accounts for Cost Reduction and Efficiency

With the newly implemented measures, intermediaries are now allowed to use omnibus account structures as long as they maintain accurate records.

ASIC pointed out that these structures are commonly used in the industry, providing benefits such as quicker transaction times, reduced operating expenses, and generally enhanced risk and cybersecurity practices.

For issuers, this change creates a more competitive environment. Drew Bradford, CEO of the Australian stablecoin issuer Macropod, remarked that this regulatory clarity instills “confidence to build” as companies expand their product offerings.

He stressed that the streamlined processes, especially regarding reserve management and asset-handling requirements, eliminate significant friction points that previously hindered innovation and growth.

Industry advocates have long expressed concerns that existing licensing regulations were costly and disproportionate for a sector anticipating broader digital asset reforms.

Bradford emphasized that this newfound clarity is crucial for advancing practical applications such as payments, cross-border transactions, treasury functions, and on-chain settlements.

“This indicates that Australia aims to remain competitive on a global scale while maintaining the regulatory standards expected by institutions and consumers,” he stated.

Angela Ang, who heads policy and strategic partnerships at TRM Labs, also commended this regulatory shift, expressing optimism that Australia’s regulatory framework will further stabilize in the upcoming year. She believes this will ignite additional investments and spur innovation in the sector.

This policy change arrives at a time when global demand for stablecoins has reached unprecedented heights. The total market capitalization for stablecoins has now exceeded $300 billion, showing a 48% increase since the beginning of the year.

Tether remains the market leader, holding a 63% share of the stablecoin market.

Australia Advances with Comprehensive Crypto Licensing Legislation

Last month, Australia unveiled its first extensive regulatory framework intended for crypto exchanges and custody providers, aimed at enhancing asset protection standards and mitigating risks for local users.

The Corporations Amendment (Digital Assets Framework) Bill 2025, introduced by Treasurer Jim Chalmers and Financial Services Minister Daniel Mulino, mandates that platforms managing customer cryptocurrency must secure an Australian Financial Services License and operate under ASIC’s supervision.

Lawmakers believe that these reforms could unlock up to $24 billion in annual productivity gains while simultaneously bolstering investor protections.

The bill has successfully passed its first reading and moved directly to the second stage, opening up for parliamentary debate. It establishes two new categories of licenses: “digital asset platform” and “tokenized custody platform,” with a focus on regulating entities managing customer funds rather than the technology employed.