ASIC Temporarily Loosens Stablecoin Licensing Rules Until 2028

ASIC's Class Relief for Stablecoin Distributors: The Australian Securities and Investments Commission (ASIC) has granted class relief to stablecoin distributors, allowing them to operate without additional licensing requirements until June 2028, while still requiring Product Disclosure Statements for retail clients.

Focus on Compliance and Fraud Prevention: ASIC's decision aims to streamline stablecoin distribution amidst a crackdown on non-compliant crypto operators, with significant enforcement actions taken against scams and inadequate anti-money laundering practices in the crypto sector.