The Australian Securities and Investments Commission (ASIC) has introduced a new regulatory framework that provides an exemption for stablecoin intermediaries, allowing them to distribute crypto issued by licensed Australian providers without needing a separate financial services license. This move, hailed as “pragmatic” by experts, is Australia’s first major step toward resolving regulatory uncertainty for stablecoins.
What the New Framework Does
ASIC’s class relief, which will take effect once registered in federal legislation, exempts stablecoin distributors from holding separate Australian Financial Services (AFS), market, or clearing facility licenses. This measure is a temporary transitional step designed to bridge regulatory gaps while the Treasury finalizes a broader stablecoin regime.
According to Steve Vallas, CEO of Blockchain APAC, this relief simplifies compliance without shifting liability. Issuers who are already AFS-licensed will remain responsible for all disclosure and prudential obligations, and intermediaries must ensure that clients have access to the issuers’ product disclosure statements.
A “Demand-Led” Approach to a Maturing Market
The new exemption addresses a previous challenge where ASIC’s guidance had indicated that some stablecoin issuers required licensing, creating complexity for intermediaries. The streamlined process allows for distribution through licensed pathways while maintaining transparency.
Vallas points out that the ultimate success of an Australian stablecoin will be “demand-led.” The regulator’s decision to be pragmatic and work closely with the Treasury suggests a commitment to fostering a digital asset sector that can mature alongside a clear regulatory framework. ASIC has also indicated it is open to extending this relief to additional licensed stablecoin issuers as they emerge, signaling a flexible approach to an evolving market.
September 2025, Cryptoniteuae
