Australia Expands Financial Laws to Cover Stablecoins and Tokenized Assets
Australia's financial regulator, the Australian Securities and Investments Commission (ASIC), has extended existing financial product regulations to include stablecoins, wrapped tokens, tokenized securities, and digital wallets. Companies offering these services must now obtain a local financial services license, placing them under the same oversight as traditional financial institutions.
ASIC Commissioner Alan Kirkland emphasized that the MOVE ensures consumer protections and enables regulatory intervention against harmful practices. A transitional no-action relief program will remain in effect until June 30, 2026, allowing businesses time to adapt to the new framework.
The guidance follows industry requests for clarity on digital asset classification. Targeted relief measures apply to stablecoin distributors, wrapped token providers, and custodians of digital asset financial products.
