Australian securities regulator expands regulatory exemptions for stablecoins and wrapped tokens until 2029

(Source: Wu Shuo)

The Australian Securities and Investments Commission (ASIC) announced that it will expand the scope of regulatory exemptions for digital assets and provide new licenses and custody exemptions for qualified stablecoin and wrapped token intermediaries to promote the development of the country's digital assets and payment industry. The new regulations allow institutions holding an Australian Financial Services (AFS) license, market license or clearing facility license to obtain exemptions in the secondary distribution of eligible stablecoins and wrapped tokens, and to use integrated account custody under the compliance record mechanism. Eligible stablecoins and wrapped tokens must maintain equal reserves and regularly disclose reserve reports. The exemption will automatically expire on 1 January 2029 to allow time for the market to transition to the broader regulatory system proposed by the Australian Treasury. (Decrypt)

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