ASIC’s Landmark Move Eases Entry for Crypto Firms
In a significant regulatory development, the Australian Securities and Investments Commission (ASIC) has granted a landmark class exemption allowing licensed intermediaries—such as crypto exchanges and brokers—to distribute stablecoins without obtaining separate regulatory approvals. This exemption is the first formal step by Australian authorities toward creating a clearer legal framework for the crypto industry.
The new relief is provided through the Stablecoin Distribution Exemption Instrument and is valid until June 1, 2028. Under the exemption, Australian Financial Services (AFS) license holders can offer stablecoins to retail clients as long as they provide the issuer’s Product Disclosure Statement (PDS). This move is expected to reduce entry barriers for regulated firms and promote responsible innovation in the country’s growing digital asset market.
First Approved Stablecoin: AUDMA by Catena Digital
Catena Digital Pty Ltd and its Australian dollar-backed stablecoin, AUDMA, have been announced as the first approved participants under this exemption. ASIC also signaled that additional issuers may be included as more stablecoins obtain AFS licenses in the coming months.
This exemption not only streamlines the distribution process but also positions Australia as a progressive player in the global race to regulate digital currencies. With plans underway to introduce a dual-track regulatory regime in 2025—one focused on digital asset platforms and the other on payment stablecoins—Australia is aligning itself with global efforts seen in jurisdictions like the U.S., Hong Kong, and China.
The new framework is expected to improve market confidence, protect consumers, and support fintech innovation, all while laying the groundwork for comprehensive national legislation on stablecoins and crypto assets.
