Key Highlights
- The Australian Securities and Investments Commission (ASIC) eases rules for stablecoins and wrapped tokens, cutting licensing costs for intermediaries.
- Businesses can use omnibus accounts to hold multiple client assets while maintaining proper records efficiently.
- ASIC’s October guidance confirmed that digital assets like stablecoins, wrapped tokens, and NFTs are financial products.
The Australian Securities and Investments Commission(ASIC), the financial regulator of Australia, announced new measures on Friday meant to make it easier for businesses to work with stablecoins and wrapped tokens.
The announcement, effective December 9, listed changes that remove some licensing requirements on intermediaries, ultimately lowering costs and simplifying compliance for companies operating in the digital asset space.
Under the new rules, companies no longer need to hold separate Australian Financial Services (AFS) licenses to act as intermediaries of eligible stablecoins and wrapped tokens. Companies can also make use of “omnibus accounts,” which means several client assets can be held together, while proper records are maintained.
Already widely used in the industry, such accounts can reduce transaction costs and enhance operational efficiency, among other benefits in terms of improved risk management.
Clearer guidance for firms
The exemptions extend guidance that the ASIC published in October, which made clear that, among other things, stablecoins, wrapped tokens, tokenized securities, and digital wallets were all financial products in Australia.
In publishing that guidance, at the same time, ASIC granted transitional relief until June 30, 2026 to give firms time to comply with licensing requirements. The guidance included pragmatic examples, such as exchange tokens, yield-earning assets, gaming NFTs, and staking services.
It also emphasized that foreign and decentralized platforms must comply with Australian laws when serving Australian users.
The recent changes also formalize the use of omnibus account structures for digital assets.
“The Amending Instrument responds to concerns that there would be a significant cost, loss of efficiency and compliance burden to a large portion of the industry to restructuring existing omnibus systems to implement blockchain segregation of individual client assets,” ASIC’s explanatory statement noted.
Digital assets are now defined as cryptographically verified representations of value or rights that are held and transferred electronically using distributed ledger technology or similar systems.
Supporting growth and innovation
ASIC said the move is aimed at supporting innovation and growth in Australia’s digital asset and payments sectors, while keeping regulatory safeguards. Industry leaders welcomed the change, saying it provided clearer rules for stablecoin issuers and might help Australia compete internationally in digital finance.
The market for stablecoins has grown rapidly in recent years. According to RWA.xyz, total market capitalization has now topped $300 billion, with Tether still the dominant issuer, holding around 63% of market share.
The new exemptions follow a consultation process earlier this year, where ASIC got feedback from industry participants. The regulator broadened the scope of eligible stablecoins and wrapped tokens in response to submissions, as part of an attempt to make local rules more in sync with those elsewhere in the world.
Also Read: Malaysia Launches Ringgit-Backed Stablecoin RMJDT on Zetrix
