Australian Regulatory Authority Relaxes Regulations on Stablecoins and Wrapped Tokens

On December 11, Cointelegraph reported that Australia’s securities regulator has finalized a set of exemptions to simplify distribution of stablecoins and wrapped tokens for businesses. The Australian Securities and Investments Commission (ASIC) unveiled the new measures on Tuesday, targeted at spurring innovation and growth in the digital asset and payments space. ASIC said it’s issuing “class order exemptions” to intermediaries involved in certain secondary distribution activities for stablecoins and wrapped tokens. This means businesses won’t need a separate (and often expensive) license to act as intermediaries in these markets, and they can now use “aggregated trust accounts” with proper record-keeping. The new exemptions build on prior broad relief for stablecoins, eliminating the need for intermediaries to hold a separate Australian Financial Services (AFS) license when offering services tied to stablecoins or wrapped tokens.