The Australian Securities and Investments Commission (ASIC) has granted a first-of-its-kind class relief for intermediaries distributing stablecoins issued by licensed Australian Financial Services (AFS) providers. This exemption, valid until June 1, 2028, allows distributors to operate without needing separate licenses for operating financial markets, clearing and settlement facilities, or providing financial services solely due to stablecoins qualifying as financial products.
Catena Digital Pty Ltd's AUDM stablecoin is the first qualified issuer under this framework, with ASIC planning to extend relief to additional licensed stablecoin issuers. The relief requires intermediaries to provide Product Disclosure Statements to retail clients as the sole condition, maintaining consumer protections while reducing operational barriers. This decision follows extensive consultation through Consultation Paper 381, where industry participants highlighted that distribution would be commercially unviable without such relief due to compliance costs.
The regulatory move bridges gaps until broader digital asset reforms commence, supporting innovation while ensuring licensed issuers uphold standards. ASIC emphasized this aligns with the timeline for comprehensive digital asset legislation under development.