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Sydney - December 11, 2025.
Australia’s corporate watchdog has handed the cryptocurrency industry one of its biggest regulatory wins in years, finalizing sweeping class exemptions that remove separate licensing requirements for intermediaries distributing stablecoins and wrapped tokens.
The Australian Securities and Investments Commission (ASIC) confirmed the relief on Tuesday, effectively ending a compliance bottleneck that had made secondary market distribution of many digital assets commercially unviable in Australia.
The changes, which take immediate effect, are expected to turbocharge the local rollout of Australian-dollar and foreign-currency stablecoins while giving wrapped assets such as wBTC and wETH a clearer pathway to retail investors.
Key Takeaways
- ASIC removes extra AFS, market and CS facility licences for secondary trading of eligible stablecoins and wrapped tokens
- Omnibus custody accounts now officially endorsed with strict reconciliation rules
- Stablecoins must be 100 % backed by cash equivalents + quarterly attestations + annual audits
- Immediate effect today; relief automatically sunsets 1 June 2028
- Major boost for AUD stablecoin issuers like Macropod and local exchanges
What Changed: The Core of the Relief
Under the new class orders, licensed financial services providers no longer need additional Australian Financial Services (AFS) licences, Australian Market Licences or Clearing and Settlement facility licences solely to deal in or provide custodial services for “eligible” stablecoins and wrapped tokens on a secondary basis.
ASIC also formally endorsed the use of omnibus custody accounts, a global standard, provided intermediaries maintain rigorous reconciliation and record-keeping.
The regulator described the structures as delivering “material benefits” in cost, speed and cybersecurity.
To qualify for the relief, stablecoins must be fully backed by high-quality liquid assets (cash or cash equivalents), redeemable at par, and accompanied by quarterly reserve attestations plus annual independent audits.
Wrapped tokens must offer unconditional redemption rights to the underlying asset.
Industry Reaction: “A Game-Changer”
Macropod, the Sydney-based issuer preparing an AUD-pegged stablecoin, called the announcement “the breakthrough we’ve been waiting for.”
“Previously we faced a situation where every exchange, wallet and payment provider needed multiple licences just to let customers buy or sell our token,” a Macropod spokesperson said. “That roadblock has now been removed.”
International exchanges operating in Australia also welcomed the clarity. Independent Reserve and BTC Markets both confirmed they would immediately expand stablecoin offerings to retail clients under the new regime.
The Bigger Picture
The relief follows 18 months of intense consultation and builds on ASIC’s October 2025 update to INFO 225, which classified most stablecoins, wrapped tokens and non-custodial wallets as financial products.
It comes as the global stablecoin market has ballooned past US $300 billion, with Tether alone commanding a 63 per cent share. Analysts say Australia risks being left behind without competitive rules.
Treasury is still drafting dedicated payment-stablecoin legislation expected in 2029. ASIC stressed the exemptions are a deliberate “bridge” measure, set to automatically expire on 1 June 2028.
Safeguards Remain Intact
Retail investors will still receive Product Disclosure Statements, Target Market Determinations and the full suite of conduct obligations. Issuers face ongoing transparency requirements modelled on the toughest global standards.
“These reforms lower barriers without lowering standards,” ASIC Chair Joe Longo said in a statement. “Australia now has a principles-based regime that supports genuine innovation while protecting consumers.”
What Happens Next
Industry sources expect a wave of new stablecoin and wrapped-token listings on Australian platforms before Christmas. Several issuers that had paused local launches are reportedly restarting licensing applications this week.
The Australian Digital Financial Services Association described the package as “the most pro-innovation move from an Australian regulator in a decade.”
For now, the message from Martin Place is clear: Australia is open for stablecoin business.
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FAQs:
1. Do all stablecoins now qualify?
No. Only those issued by AFS-licensed entities (or approved foreign issuers), fully backed and meeting ongoing reporting rules).
2. Can exchanges still be fined if something goes wrong?
Yes. All existing conduct, custody and disclosure obligations continue to apply.
3. Will this allow algorithmic stablecoins like the old UST?
No. Only fiat-collateralised or cash-equivalent-backed stablecoins qualify.
4. When does the relief end?
1 June 2028, unless extended or replaced by Treasury’s permanent framework.
5. Does this cover NFTs or memecoins?
No. The exemptions are limited to stablecoins and wrapped tokens meeting the strict eligibility criteria.
