The move by Australia’s financial oversight watchdog to facilitate ‘growth and innovation in the digital assets and payments sectors’ is not likely to prompt any immediate change for the Australian crypto platforms.
According to a source, the move by the Australian Securities & Investments Commission (ASIC) to grant class relief for intermediaries in the secondary distribution of a stablecoin issued by an Australian financial services (AFS) licensed user is worth paying attention to, but unlikely to have immediate change.
ASIC on Thursday issued a notice indicating that they wouldn’t require intermediaries to ‘hold separate AFS, Australian market, or clearing and settlement facility licenses when providing services related to stablecoins issued by an ASF licensee’.
The relief effort still requires registration on the Federal Regulation of Legislation.
A source speaking to AGB notes that the overall adjustment of global norms could lead to Australia adopting changes similar to the European Union regarding stablecoin regulations, helping to push consistency, investor protections and cross-border operations.
The interest in stablecoins has seen rampant growth after the explosion in price of Bitcoin, the world’s leading cryptocurrency.
