Australian regulator relaxes rules for stablecoin intermediaries
Jinse Finance reported that the Australian Securities and Investments Commission (ASIC) has announced a regulatory exemption for stablecoin intermediaries. According to the new regulations, if these intermediaries distribute cryptocurrencies issued by providers already licensed in Australia, they do not need to hold a separate financial services license. An expert commented that the regulator's approach is "pragmatic." This unprecedented "class exemption," announced on Thursday, allows intermediaries to distribute stablecoins issued by issuers holding an Australian Financial Services (AFS) license without having to separately apply for an AFS, market, or clearing facility license. ASIC stated in its announcement: "Today, ASIC announced an important step aimed at promoting the growth and innovation of the digital asset and payments industry."
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