Australia Tightens Crypto Oversight, Classifies Stablecoins as Financial Products
Australia's financial regulator, the Australian Securities and Investments Commission (ASIC), has updated its guidance to classify stablecoins, wrapped tokens, tokenized securities, and digital asset wallets as financial products. Effective immediately, firms offering these assets must obtain an Australian Financial Services License (AFSL).
The MOVE follows extensive industry consultation and aligns with the government's broader push to regulate digital assets. Sector-wide no-action relief will remain in place until June 30, 2026, giving businesses time to comply.
"This ensures crypto businesses operate within the same regulatory framework as traditional finance," said ASIC Commissioner Alan Kirkland. The decision reflects growing global recognition of stablecoins' systemic importance in payments and decentralized finance.
