Australian regulators ease regulations on stablecoin intermediaries

According to Decrypt, the Australian Securities and Investments Commission (ASIC) has granted a regulatory exemption to stablecoin intermediaries, allowing them to distribute cryptocurrencies issued by licensed Australian institutions without having to hold a separate financial services license. The exemption, announced Thursday, states that intermediaries distributing stablecoins issued by Australian Financial Services (AFS) licensed issuers no longer need to apply for separate AFS, market, or clearing facility licenses. This measure, effective upon registration of federal legislation, is a significant step forward in addressing the regulatory challenges facing the stablecoin market in Australia. Blockchain APAC CEO Steve Vallas stated that this move is a temporary transitional measure pending broader reforms and is consistent with financial services law. The exemption does not change the determination of whether a stablecoin is a financial product; it simply "suspends the secondary licensing requirement for distributors of licensed issuers," allowing distribution through licensed channels while maintaining issuer accountability and requiring intermediaries to provide product disclosure statements to ensure transparency.