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Australian Regulatory Authority Relaxes Regulations on Stablecoins and Wrapped Tokens
BlockBeats News, December 11th, according to Cointelegraph's report, the Australian securities regulator has finalized a series of exemptions to make it easier for businesses to distribute stablecoins and wrapped tokens. The Australian Securities and Investments Commission (ASIC) announced these new measures on Tuesday, aimed at promoting innovation and growth in the digital asset and payment sector.
ASIC stated that it is granting 'class order exemptions' to intermediaries engaging in certain stablecoin and wrapped token secondary distribution activities. This means that businesses no longer need a separate, and typically costly, license to act as intermediaries in these markets, and they can now use 'aggregated trust accounts' under appropriate record-keeping.
The new exemptions further expand the previous wide-ranging relief for stablecoins, removing the requirement for intermediaries to hold a separate Australian Financial Services (AFS) license when providing services related to stablecoins or wrapped tokens.
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