Australia’s securities regulator has introduced a sweeping set of exemptions aimed at easing the path for digital asset businesses while making clear that the reprieve is temporary and tied to a broader overhaul of the country’s crypto framework.
The Australian Securities and Investments Commission (ASIC) on Tuesday finalized class relief for intermediaries handling the secondary distribution of certain stablecoins and wrapped tokens.
The decision allows exchanges and other service providers to operate without holding separate Australian financial services, market, or clearing and settlement licenses when dealing with eligible products.
ASIC said the move is intended to support innovation as the government works on a permanent regime for digital asset platforms and payment systems.
Source: ASICASIC Confirms Omnibus Custody Relief After Industry Feedback
The relief also extends to custody, as providers will be permitted to hold tokenized financial products in omnibus accounts, a structure commonly used in traditional markets but long restricted in crypto.
ASIC said the exemption will only apply if firms maintain proper records and reconciliation procedures. The regulator initially signaled this shift in October when it published the latest update to its key digital-asset guidance, INFO 225.
Tuesday’s announcement marks the end point of a consultation that began on 29 October, when ASIC released Simple Consultation 32 outlining proposed exemptions for stablecoins and wrapped assets.
The regulator received five non-confidential submissions, with industry groups largely supporting the plan but requesting clearer definitions and wider eligibility.
ASIC responded by expanding the scope to include tokens issued by entities that have applied for licenses.
The changes sit on top of a broader framework that ASIC has been assembling throughout the year.
The regulator’s updated INFO 225 guidance, published in late October, confirmed its long-held view that many stablecoins, wrapped tokens, tokenized securities, and even digital asset wallets fall under existing financial product rules.
Stablecoin Issuers Get Temporary Breather Under ASIC’s Transition Plan
That interpretation requires most service providers to hold AFS licenses and comply with investor-protection laws already in force.
To ease the transition, ASIC has adopted a sector-wide no-action stance until June 30, 2026.
Companies will have time to review the new guidance, lodge license applications, or adjust their operations.
The temporary relief is expected to remain in place until mid-2028, by which time the government aims to replace it with legislation covering tokenized payments and custody structures.
ASIC has indicated it may add more issuers after several firms said existing licensing hurdles threatened the commercial viability of launching Australian-regulated stablecoins.
Intermediaries must still provide retail investors with Product Disclosure Statements, a condition ASIC argues balances flexibility with consumer safeguards.
Regulators Tighten Grip as Australia Races to Catch Up in Digital Assets
The exemptions land at a moment when policymakers say Australia risks slipping behind global competitors.
ASIC Chair Joe Longo warned last month that tokenization is reshaping capital markets and urged the country to modernize quickly or face what he called a “missed opportunity.”
Government proposals released in September would require exchanges to obtain AFS licenses and impose penalties of up to 10% of annual turnover for rule breaches. Smaller platforms meeting low-threshold criteria would be exempt.
The push for tighter supervision has not stopped enforcement actions. In October, ASIC obtained a temporary travel ban against Blockchain Global director Ryan Xu as it investigates the collapse of the ACX Exchange, which left creditors owed more than A$58 million.
The case remains before the Federal Court.
Australia’s digital-asset sector has grown rapidly, with adoption climbing to 31% in 2025. Self-managed superannuation funds have increased their crypto exposure sevenfold since 2021, reaching A$1.7 billion.
Large exchanges have begun targeting this market, with Coinbase preparing a dedicated service for retirement accounts.
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