Australian regulators relax stablecoin intermediaries rules

According to Golden Finance, the Australian Securities and Investment Commission (ASIC) announced that it will grant regulatory exemptions to stablecoin intermediaries. Under the new regulations, if these intermediaries distribute cryptocurrencies issued by providers who have obtained Australian licenses, they do not need to hold a financial service license separately. An expert commented that the regulatory authorities' approach was "pragmatic". The unprecedented “category exemption” announced on Thursday allows intermediaries to do not need to apply for an AFS, market or clearing facility license separately when distributing stablecoins issued by issuers holding Australian Financial Services (AFS) licenses. "ASIC today announced an important step to promote growth and innovation in the digital asset and payments industry," ASIC said in its statement.