ASIC Expands Digital Asset Relief for Stablecoin Intermediaries
ASIC has announced a new class relief that expands licence exemptions for intermediaries distributing eligible stablecoins and wrapped tokens under a single framework. This relief enables intermediaries holding Australian Financial Services (AFS), market, or clearing facility licences to distribute these digital assets in the secondary market without needing additional licensing.
Separate relief allows providers to hold digital assets classified as financial products in omnibus accounts, provided they meet record-keeping and reconciliation requirements. These measures build on a decision made in September and align with INFO 225 guidance, offering a no-action position for licences until June 30, 2026.
The framework treats stablecoins, wrapped tokens, tokenized securities, and crypto wallets as financial products under current law, necessitating AFS licences. Eligible stablecoins are required to maintain reserves equal to or exceeding the underlying currency and provide unconditional redemption rights. Wrapped tokens must have reserves equal to the underlying digital assets.
Stablecoin issuers must publish quarterly reserve reports after four months and annual audited reports after sixteen months, confirming that reserves are cash or cash equivalents and fully cover tokens issued. The relief will automatically lapse on January 1, 2029, facilitating a transition to the Treasury's broader regulatory framework. There is potential for expansion as more issuers obtain AFS licences. Industry submissions have favored the use of omnibus custody accounts for enhanced efficiency.
