Australia Exempts Stablecoin Intermediaries from Financial Services Licensing

Australia's Securities and Investments Commission (ASIC) plans to exempt stablecoin intermediaries from the need to hold a financial services license.
This exemption is granted to those distributing stablecoins issued by an existing licensed issuer.
The intermediaries won't require separate Australian financial services, market, or clearing and settlement facility licenses for services related to such stablecoins.
Stablecoins are crypto tokens pegged to traditional financial assets, like fiat currencies, and are central to emerging regulations globally, as seen in the U.S. and Hong Kong.
Earlier this year, Australia indicated its intent to integrate digital assets into the economy, focusing on tokenization, real-world assets, and wholesale CBDCs.