Australia’s Securities and Investment Commission (Asic) said it is planning to exempt stableecoin intermediaries from the requirement to have a license for financial services.
The economic watchdog said it gave class relief for parties who participated in the distribution of a stablecoin from an existing licensed issue in a message on Thursday.
The exception means that the intermediaries do not require AA separate Australian financial services (Afs)Australian Marketing or Clearing and Settlement Facility Licenses when providing services related to stableecoin issued by an existing AFS licensee.
Stableecoins, Krypto -Tokens, associated with the value of a traditional financial asset, such as a Fiat currency, has become the front and center of various countries’ development regulation of the cryptocurrency industry after the introduction of regulatory regimes in markets such as the US and Hong Kong.
More broadly, Australia showed signs of embedding digital assets in its economy earlier this year with the publication of a taxpayer whitepaper, describing how government Scheduled to embrace tokenization, assets in the real world and wholesale central bank digital currencies (Cbdcs) To make the financial markets more efficient.
Read more: Bank of England’s proposed stableecoin ownership boundaries are useless, says crypto groups: Report
