ASIC has finalised the class relief proposed in October for certain stablecoins and wrapped tokens under ASIC Corporations (Stablecoin and Wrapped Token Relief) Instrument 2025/867.
Where things stand
On 29 October 2025, the Australian Securities and Investments Commission (ASIC) released proposed relief for distributors of eligible stablecoins and wrapped tokens – see our article.
On 9 December 2025, ASIC announced ASIC Corporations (Stablecoin and Wrapped Token) Instrument 2025/867 (Instrument 2025/867). This finalised instrument closely mirrors the draft instrument released for consultation and grants exemptions from Australian financial services licensing (AFSL), market licensing, clearing and settlement licensing and disclosure requirements for specified digital assets, being eligible stablecoins and wrapped tokens.
Key differences between the draft and final instrument
The key changes from the consultation are:
Introduction of a standalone definition for eligible stablecoin issuer: An eligible stablecoin issuer is a person who issues the stablecoin and meets at least one of the following criteria:
The person holds an AFSL authorising the issue of the stablecoin.
On or before 30 June 2026, the person has lodged with ASIC an application for an AFSL (including an application to vary the conditions of an existing licence) that would authorise the person to issue the stablecoin. The application must not have been rejected under subsection 1274(8) of the Corporations Act 2001, withdrawn by the person or refused by ASIC.
The person is an exempt foreign issuer in relation to the stablecoin.
Introduction of a standalone definition for eligible wrapped token issuer: An eligible wrapped token issuer is, in relation to a digital asset that is a derivative, a person who issues that digital asset and carries on a business of issuing digital assets of that class to others and who satisfies at least one of the following:
The person holds an AFSL authorising the issue of the digital asset.
On or before 30 June 2026, the person has lodged with ASIC an application for an AFSL (including an application to vary the conditions of an existing licence) that would authorise the person to issue the digital asset. The application must not have been rejected under subsection 1274(8) of the Corporations Act 2001, withdrawn by the person or refused by ASIC.
The person is an exempt foreign issuer in relation to the digital asset.
Clarification as to when Instrument 2025/867 applies to a distributor: The instrument applies in relation to a distributor where the distributor is satisfied that the issuer lodged an application for an AFSL with appropriate authorisations on or before 30 June 2026. The application must not have been withdrawn, rejected or refused, or the issuer must be an exempt foreign issuer.
What’s next
Instrument 2025/867 is now in force. The instrument is set to be repealed on 1 January 2029.