Australia Loosens the Reins on Stablecoins

• The Australian Securities and Investments Commission (ASIC) has issued a “class relief” which significantly lowers the licensing hurdle for intermediaries handling stablecoins and wrapped tokens on secondary markets.
• This relief means exchanges, brokers, and fintechs no longer need a separate Australian Financial Services (AFS) license for this activity, making it faster and cheaper to integrate these assets.
• The update also explicitly allows the use of omnibus accounts for these assets, provided firms maintain clean, auditable records, which is expected to accelerate practical use cases.

Australia’s securities regulator just lowered the hurdles for businesses that handle stablecoins and wrapped tokens. 

In an announcement on Tuesday, the Australian Securities and Investment Commission (ASIC) issued “class relief”, so intermediaries that distribute these assets on secondary markets no longer need a separate Australian Financial Services (AFS) license for that activity. 

The update builds on ASIC’s updated digital asset guidance, published in October. 

Related: US Regulator Clears Path for Banks to Offer Riskless Crypto Trading

Plug And Play

This matters because licensing was a major cost and time sink. Exchanges, brokers, and fintechs can now plug stablecoins and wrapped tokens into their products faster and cheaper. It also lets them use omnibus accounts, which are shared accounts that hold assets for many clients, so long as they keep clean, auditable records.

The relief extends earlier guidance that helped stablecoin activity, and it explicitly brings wrapped tokens into the fold. That levels the playing field for issuers and intermediaries. 

Startups can potentially get a clearer path to market and established firms can scale without building parallel licensing stacks. 

Not a free pass

Primary issuance rules still apply, so consumer protection, AML/CTF obligations, and broader digital-asset reforms are still in force. Record-keeping around omnibus accounts will be scrutinised, and reserve and asset-management expectations for stablecoin arrangements remain key. 

Overall, the near-term impact is practical as Australian platforms can list, route, and settle stablecoin and wrapped-token flows with less friction. Meanwhile, wallets and payment apps can add stablecoin options without spinning up extra licenses. 

Read more: Australia Reaches Its ‘Kodak Moment’ as Stablecoins Poised to Redefine National Finance, Says Report

The net effect is lower compliance overhead for secondary distribution and clearer regulatory permission to use omnibus accounts, both of which should accelerate real-world use cases.

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