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, and enabling omnibus account structures for custody providers.
Stablecoins and wrapped tokens
ASIC Corporations (Stablecoin and Wrapped Token Relief) Instrument 2025/XXX (Stablecoin and Wrapped Token Relief) provides Australian financial services licence (AFSL), market and clearing and settling licence and disclosure exemptions in relation to the following types of digital assets that are issued by an issuer holding an AFSL with appropriate authorisations or an exempt foreign issuer:
stablecoins: a stablecoin that is a non-cash payment facility with the following features:
each holder has the right to redeem the stablecoin for the underlying currency amount from the issuer, with the right either being unconditional or subject only to one or both of the following:
the holder satisfying know your customer check;
a redemption of stablecoins by the holder satisfying a minimum redemption threshold;
the terms or product disclosure statement for the stablecoin contain provisions to the effect that:
the issuer must maintain reserves that are equal to or greater than the total underlying currency amount of the stablecoins on issue with the reserves comprising only cash or cash equivalent assets denominated in the underlying currency;
the issuer or a custodian must hold the reserves separately from property in which the issuer or the custodian has an interest;
amounts payable to a holder on redemption of a stablecoin are payable from the reserves; and
the reserves are for the exclusive purpose of paying redemption amounts to holders and paying fees (if any) that have been disclosed to the holders of the stablecoins;
other than the redemption right, holders of the stablecoins have no right to, and do not receive a financial return or other financial benefit from, the reserves.
wrapped tokens: a digital asset that is a derivative in relation to which the following apply:
the digital asset confers on the third-party holder a redemption right to terminate the arrangement that is the digital asset and be transferred another digital asset (underlying digital asset) that the digital asset references;
the terms or product disclosure statement for the wrapped token contain provisions to the effect that:
the issuer must maintain reserves of underlying digital assets that is equal to or greater than the number of digital assets on issue;
the issuer must hold the underlying digital assets comprising the reserves separately from property in which the issuer has an interest;
the underlying digital assets to be transferred to a holder on exercise of the redemption right are to be transferred from the reserves; and
the reserves are for the exclusive purpose of transferring underlying digital assets to holders on exercise of the redemption right and paying fees (if any) that have been disclosed to the holders of the digital assets; and
the underlying digital asset is either not a financial product or is a financial product that is an eligible stablecoin or wrapped token; and
other than the redemption right, holders of the digital assets have no right to, and do not receive a financial return or other financial benefit from, the reserves.
Eligible stablecoins that have been on issue for at least 4 months can also rely on the licensing exemptions, subject to certain conditions including publication of the composition and value of reserves.
Stablecoin and Wrapped Token Relief has a proposed repeal date of 1 January 2029.
Custody
ASIC Corporations (Custody Standards for Providers of Custodial and Depository Services) Instrument 2024/17 currently allows a person holding financial products or a beneficial interest in financial products when providing a custodial or depository service to use omnibus accounts, subject to certain conditions.
ASIC Corporations (Amendment) Instrument 2025/XXX extends the omnibus account structures for digital assets that are financial products, subject to maintaining appropriate recordkeeping arrangements and reconciliation procedures.
What’s next
Consultation is now closed.
The instruments have been released alongside an updated Information Sheet 225: Digital assets: Financial products and services and an accompanying class no-action letter.