The Australian Securities and Investments Commission (ASIC) has announced plans to exempt stablecoin intermediaries from needing to hold a financial services license.
The authority provided class relief for entities involved in distributing stablecoins from already licensed issuers in an announcement made on Thursday.
This exemption allows intermediaries to operate without requiring separate Australian financial services (AFS), market, or clearing and settlement facility licenses when offering services related to stablecoins issued by an existing AFS licensee.
Stablecoins, which are crypto tokens tied to traditional financial assets like fiat currency, are gaining prominence in various countries’ efforts to regulate the cryptocurrency industry, especially with recent regulatory frameworks in places like the U.S. and Hong Kong.
Earlier this year, Australia indicated its intention to integrate digital assets into its economy, showcasing its plans to adopt tokenization, real-world assets, and wholesale central bank digital currencies (CBDCs) to enhance the efficiency of financial markets.
Read More: Bank of England’s Proposed Stablecoin Ownership Limits Are Unworkable, Say Crypto Groups: Report
Leave a Reply