ASIC expands relief for stablecoins, wrapped tokens, and omnibus custody

On 9 December 2025, the Australian Securities and Investments Commission (ASIC) announced new measures intended to foster innovation and growth in Australia’s digital assets and payments sectors. The announcement finalises class relief for intermediaries involved in the secondary distribution of certain stablecoins and wrapped tokens, and introduces related custody relief under defined conditions. 

The first element is licensing-related. ASIC’s class relief builds on earlier stablecoin relief by exempting eligible intermediaries from needing separate Australian financial services (AFS), Australian market, or clearing and settlement facility licences when providing services relating to eligible stablecoins or wrapped tokens. In practical terms, this is designed to reduce regulatory duplication and lower barriers for certain secondary distribution activities—while still operating within ASIC’s regulatory perimeter. 

The second element relates to custody. ASIC has also provided relief to permit providers to hold digital assets that are financial products in omnibus accounts, subject to appropriate record-keeping arrangements and reconciliation procedures. This recognises the operational realities of custody models in digital asset markets and explicitly ties the relief to core control expectations for records and reconciliations. 

ASIC noted that this relief was foreshadowed by the publication of its updated digital asset guidance (INFO 225) in October. The final measures follow ASIC’s Simple Consultation 32 (CS 32), released on 29 October 2025, which sought feedback on proposed relief for certain stablecoins and wrapped tokens and the extension of omnibus accounts for digital asset custody. ASIC received five non-confidential submissions, with industry largely supportive, while also seeking greater clarity on definitions and broader eligibility aligned with global approaches. 

In response, ASIC expanded eligibility to include stablecoins and wrapped tokens whose issuers have applied for a licence to issue the relevant financial product, and indicated that further guidance is provided in the relevant explanatory material. Overall, the announcement signals a calibrated approach: enabling market development for specific token categories and custody practices, while conditioning relief on operational controls and linking the framework to broader policy transition work referenced in ASIC’s consultation materials. 

Source: ASIC finalises new exemptions to support digital asset innovation | ASIC