Australian Securities and Investments Commission relaxes regulations on stablecoin intermediaries

Odaily Planet Daily News: The Australian Securities and Investments Commission (ASIC) announced that it will provide regulatory exemptions for stablecoin intermediaries, allowing them to distribute stablecoins issued by issuers holding Australian Financial Services (AFS) licenses without having to hold separate AFS, market or clearing agency licenses. This is the first such collective exemption measure in Australia, aimed at promoting growth and innovation in the digital asset and payment sectors. The exemption will take effect after federal legislation is registered. Blockchain Asia Pacific CEO Steve Vallas said that this move is a "pragmatic" transitional measure before the broader stablecoin reform, which will help ease regulatory friction when the Ministry of Finance finalizes the proposed stablecoin system. As more stablecoins obtain AFS licenses, the exemption may be extended to more issuers. (Decrypt)