Australia eases rules for stablecoins and wrapped tokens under ASIC relief
Australia’s corporate regulator has finalized a package of ASIC stablecoin exemptions 2025 that reduces licensing friction for intermediaries and allows omnibus custody for certain tokenized financial products.
The Australian Securities and Investments Commission (ASIC) said the class relief covers secondary distribution of eligible stablecoins and wrapped tokens and removes the need for separate AFS, market, or clearing and settlement facility licences for those limited activities.
What changed and who benefits
ASIC’s measures formalize a pathway for brokers, exchanges, and payment firms to handle eligible stablecoins and wrapped tokens without duplicative licences, provided they comply with conditions in the instrument and maintain proper records. The instrument, registered on 8 December 2025, also authorizes omnibus accounts for custody of digital assets that are financial products, subject to reconciliation and record-keeping requirements.
Why omnibus accounts matter
Omnibus structures common in traditional markets can lower operational costs and improve settlement speed by pooling assets while tracking beneficial ownership off-chain or in sub-ledgers. ASIC’s relief acknowledges these efficiencies, while anchoring controls in record-keeping and reconciliation standards to mitigate operational and cyber risks.
Industry reaction
Local issuers and compliance experts welcomed the clarity. Recent commentary from market participants suggests the framework will support payments, treasury, and cross-border settlement use cases as Australia readies broader platform and payments reforms.
Global backdrop
The relief lands as the global stablecoin market sits around US$300 billion, with Tether as the largest issuer by market share an expansion that underscores demand for low-volatility on-chain assets.
Compliance conditions under the ASIC stablecoin exemptions 2025
Scope
Intermediary relief applies to secondary distribution of eligible stablecoins and wrapped tokens.
Licensing
Separate AFSL/market/CS facility licences not required for those limited activities.
Custody
Omnibus accounts allowed with mandated reconciliation and record-keeping.
Documentation
Refer to ASIC Corporations (Stablecoin and Wrapped Token Relief) Instrument 2025/867 and related explanatory material.
Operational implications of the ASIC stablecoin exemptions 2025
Firms can streamline onboarding and product rollout for eligible stablecoins/wrapped tokens, reduce duplicative compliance expenses, and centralize custody operations. Risk teams should update control frameworks for asset-holder records, reconciliations, and incident response aligned to the instrument.
Context & Analysis
The relief is transitional but meaningful: it narrows licensing burden while Australia advances broader digital-asset platform and payments regimes. For incumbents, omnibus permissioning can compress settlement cycles and costs; for startups, a clearer path to distribution lowers barriers to entry important amid expanding global stablecoin use.
Conclusion
ASIC’s new class relief is expected to speed up the compliant launch of eligible stablecoins and wrapped tokens in Australia. By simplifying requirements while maintaining essential safeguards for custody records, oversight, and reconciliations, it creates a more secure environment for digital asset providers. This balanced approach supports innovation without compromising consumer protection.
With clearer regulatory pathways and reduced compliance costs, market participants now have a more efficient route to scale their offerings. The relief provides short-term clarity as the industry awaits broader legislative reform, enabling businesses to prepare and grow confidently under a more predictable framework.
FAQs
Q : What do the ASIC stablecoin exemptions 2025 change?
A : They remove the need for separate AFSL/market/CS facility licences for intermediaries distributing eligible stablecoins or wrapped tokens and allow omnibus custody with controls.
Q : Do issuers still need licences?
A : Issuers remain subject to applicable laws; the relief mainly targets intermediary distribution and custody conditions.
Q : Are all stablecoins covered?
A : No. Relief applies only to eligible assets as defined in the instrument and explanatory statement.
Q : What controls are required for omnibus accounts?
A : Accurate sub-ledgers, reconciliations, and record-keeping to track beneficial interests.
Q : How does market context support the change?
A : Global stablecoin capitalization is about US$300B, indicating strong demand for compliant payment and settlement rails.
Q: Will consumer protections weaken?
A : No. ASIC frames the relief within existing guardrails and record-keeping obligations; misconduct remains enforceable.
Q : When did the instrument take effect?
A : Instrument 2025/867 took effect on 8 Dec 2025, according to the Federal Register of Legislation.
Facts
Event
ASIC finalises class relief for eligible stablecoin/wrapped-token distribution; permits omnibus custody with controls.Date/Time
: 2025-12-09T00:00:00+05:00 (announcement date per ASIC) ASICEntities
Australian Securities and Investments Commission (ASIC); eligible stablecoin and wrapped-token intermediaries.Figures
Global stablecoin market cap ≈ US$300B (RWA.xyz). RWA.xyzQuotes:
“ASIC has today announced new measures… granting class relief for intermediaries… [and] relief to allow providers to hold digital assets… in omnibus accounts.” ASIC news item. ASICSources
ASIC News Item; Federal Register Instrument 2025/867.