Australia classifies stablecoins, wrapped tokens as financial products in updated guidance

The Australian Securities and Investments Commission (ASIC) has released updated guidance classifying digital assets like stablecoins, wrapped tokens, tokenized securities, and digital asset wallets as financial products under existing laws. Consequently, companies offering these products must obtain a local financial services license. ASIC Commissioner Alan Kirkland stated this ensures consumer protection and allows regulatory action against poor practices. To facilitate compliance, ASIC is granting sector-wide no-action relief until June 30, 2026, and has proposed further relief for certain stablecoin distributors and custodians pending broader law reforms. This move follows extensive industry consultation and builds on recent efforts by the Australian Treasury to establish a clearer regulatory framework for crypto assets.

(Source：The Block)