Released 29 October 2025. Comments closed 12 November 2025.
Stablecoins and wrapped tokens
ASIC is proposing to make ASIC Corporations (Stablecoin and Wrapped Token Relief) Instrument 2025/XXX (ASIC Stablecoin and Wrapped Token Instrument).
The ASIC Stablecoin and Wrapped Token Instrument would provide class relief to distributors of eligible stablecoins and eligible wrapped tokens.
The relief proposed in ASIC Stablecoin and Wrapped Token Instrument would be made under sections 791C(9), 820C(9), 907D(2)(c), 926A(2) and 1020F(1)(a) of the Corporations Act 2001.
Custody
ASIC is proposing to make ASIC Corporations (Amendment) Instrument 2025/XXX (ASIC Custody Amendment Instrument).
The ASIC Custody Amendment Instrument would amend ASIC Corporations (Custody Standards for Providers of Custodial and Depository Services) Instrument 2024/17 (ASIC Instrument 2024/17) to allow omnibus account structures for digital assets under specified conditions.
The relief proposed in the ASIC Custody Amendment Instrument would be made under section 926A(2)(c) of the Corporations Act 2001.
Providing feedback
ASIC welcomes feedback from industry on its proposals by 5 pm AEDT on Wednesday, 12 November 2025. Submissions should be sent to fintech@asic.gov.au.
You may choose to remain anonymous or use an alias when providing feedback. However, if you do remain anonymous we will not be able to contact you to discuss your feedback should we need to.
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Background
The proposed relief measures come from Consultation Paper 381 Updates to INFO 225: Digital assets: Financial products and services (CP 381). CP 381 asked for feedback on potential relief for wrapped tokens and ‘stablecoins’ because of the transition to the Government’s proposed digital asset platforms and payment regimes, and custody of digital assets.
Stablecoins and wrapped tokens
ASIC Stablecoin and Wrapped Token Instrument provides class relief for intermediaries engaging in secondary distribution of eligible stablecoins and eligible wrapped tokens issued by an Australian financial services (AFS) licensed issuer.
The relief exempts intermediaries from the requirement to hold separate AFS, Australian market, or Australian clearing and settlement facility licences when providing services related to eligible stablecoins or eligible wrapped tokens.
ASIC Stablecoin and Wrapped Token Instrument only applies to a limited class of stablecoins and a limited class of wrapped tokens that meet the criteria as set by the instrument.
This proposed relief arises from CP 381 and responds to the issues raised in and submissions received following consultation.
Custody
ASIC Instrument 2024/17 allows for a person holding financial products or a beneficial interest in financial products when providing a custodial or depository service to provide custody of certain types of financial products in omnibus accounts for their customers, subject to certain conditions.
ASIC Custody Amendment Instrument extends the omnibus account structures for digital assets that are financial products, subject to maintaining appropriate record-keeping arrangements and reconciliation procedures.
Feedback on submissions
ASIC received five non-confidential submissions in response to CS 32, with industry largely supportive of the proposals. Submissions sought further guidance, clarity of definitions, and broader eligibility aligned with global approaches. In response to the submissions, ASIC has expanded eligible stablecoins and wrapped tokens to include those whose issuers have applied for a licence to issue the financial product. Guidance has also been provided in response to other feedback in the relevant Explanatory Statement.
Related links
- Draft ASIC Corporations (Stablecoin and Wrapped Token Relief) Instrument 2025/XXX
- Draft ASIC Corporations (Amendment) Instrument 2025/XXX
- ASIC Corporations (Custody Standards for Providers of Custodial and Depository Services) Instrument 2024/17
- ASIC finalises new exemptions to support digital asset innovation (9 December 2025)
- ASIC Corporations (Stablecoin and Wrapped Token Relief) Instrument 2025/867
- Explanatory Statement for ASIC Instrument (Stablecoin and Wrapped Token Relief)
- ASIC Corporations (Amendment) Instrument 2025/871
- Explanatory Statement for ASIC Corporations (Amendment) Instrument
Submissions
(non-confidential submissions)