New ASIC exemptions aim to propel Australia’s digital-asset sector forward, reducing compliance burdens for stablecoin and token distributors.
ASIC has finalised new exemptions to support digital asset businesses in Australia, granting class relief for intermediaries involved in the secondary distribution of certain stablecoins and wrapped tokens.
The corporate regulator said the measures will strengthen innovation and growth across Australia’s digital assets and payments sectors.
The exemptions extend earlier stablecoin relief by removing the requirement for intermediaries to hold separate Australian financial services (AFS), Australian market, or clearing and settlement facility licences when providing services relating to eligible stablecoins or wrapped tokens.
The relief package was foreshadowed in October with the publication of ASIC’s updated digital asset guidance (INFO 225).
“ASIC has also granted relief to allow providers to hold digital assets that are financial products in omnibus accounts, subject to appropriate record-keeping arrangements and reconciliation procedures,” a statement said.
Submissions highlighted that omnibus structures are widely used in the industry, offering efficiencies in speed and transaction costs, and helping some entities manage risk and cybersecurity.
“The Amending Instrument responds to concerns that there would be a significant cost, loss of efficiency and compliance burden to a large portion of the industry to restructuring existing omnibus systems to implement blockchain segregation of individual client assets,” ASIC’s explanatory statement noted.
Many submissions also pointed to the costs associated with holding an AFS licence, Australian market licence or CS facility licence for distributors of stablecoins or wrapped tokens.
Several respondents argued that regulating these assets under the current regime should be deferred until the Government’s proposed payment services and digital asset platform reforms commence. These reforms are before parliament as the Corporations Amendment (Digital Assets Framework) Bill 2025.
Macropod said ASIC’s announcement helps level the playing field for stablecoin innovation in Australia.
“By giving both new and established players a clearer, more flexible framework, particularly around reserve and asset-management requirements, it removes friction and gives the sector confidence to build,” CEO Drew Bradford said.
He said the omnibus accounts brings Australia closer to global norms, where high-quality reserve assets and cash-like instruments are commonly used to support stablecoin operations.
“This kind of measured clarity is essential for scaling real-world use cases, payments, treasury management, cross-border flows, and on-chain settlement. It signals that Australia intends to be competitive globally, while still maintaining the regulatory guardrails that institutions and consumers expect.”
TRM Labs’ head of policy and strategic partnerships, APAC, Angela Ang, welcomed the announcement, which is the latest in a series of government moves to bring greater regulatory clarity to Australia’s digital asset sector.
“Things are looking up for Australia, and we look forward to digital assets regulation crystallizing further in the coming year – bringing greater clarity to the sector and driving growth and innovation.”
Meanwhile, the International Monetary Fund (IMF) has released a new paper, “Understanding Stablecoins,” calling for global stablecoin standards and outlining both the benefits and risks of the asset class.
“Several jurisdictions have recently introduced legal and regulatory frameworks in response to this growth, further intensifying global attention on the ecosystem and its technology, the blockchain,” the report said.
The IMF noted stablecoin issuance has surged, more than doubling since 2024 to reach about US$300 billion as of September 2025. Estimates for global stablecoin growth by 2030 vary substantially, ranging from US$0.5 trillion to US$3.7 trillion.
“Notwithstanding the recent large growth, stablecoins represent only about 7 per cent of the capitalisation of all crypto assets – about half as much as they did in 2022 – and only 0.5 per cent of the capitalization of the stock market in the United States.”
In absolute terms, the Asia–Pacific region leads with the highest stablecoin activity, followed by North America. Relative to GDP, however, Africa, the Middle East, Latin America and the Caribbean stand out.
Future demand for stablecoins, the IMF says, will depend on factors such as the attractiveness of the underlying currency compared with local currencies, the emergence of new use cases, regulatory clarity, and accessibility.
The report adds that stablecoins could enable faster and cheaper payments – especially for remittances and cross-border transfers – potentially supporting economic growth, although the scale of impact remains uncertain. At the same time, the IMF warns that stablecoins pose risks to macrofinancial stability, operational safety, financial integrity, and legal certainty.
“Stablecoins are exposed to volatility in value due to market, liquidity, and credit risks of reserve assets, as well as operational and governance risks.
“As practices continue to evolve, assessing the contagion risk of stablecoins remains a challenge, and depends on the extent of integration with the financial system and measures taken by financial sectors to mitigate exposure to stablecoin risks.”
