Australia -- Stablecoin Regulations Regulatory Overview

Australia regulates stablecoins primarily as "tokenised stored value facilities" (SVFs) under draft legislation released in October 2025, integrating them into the financial services framework with licensing, reserve disclosure, and compliance requirements, while ASIC provides interim relief for distribution.[1][2][3]

Classification

Stablecoins are classified as tokenised SVFs, a subset of stored-value facilities (like prepaid accounts or wallets holding customer funds), rather than e-money, payment tokens, or securities under current rules. A tokenised SVF involves issuing tokens backed by assets for value storage and transfer. Tokenised SVF providers issue these as part of a financial services business and must be constitutionally-covered corporations, potentially capturing foreign issuers.[1][4]

ASIC's interim guidance notes some stablecoins may qualify as financial products requiring Australian Financial Services Licences (AFSLs), but relief exempts intermediaries distributing AFSL-issued stablecoins from separate licensing.[2][3][7]

Issuer Licensing

Issuers must hold an AFSL and comply with bespoke obligations under the draft legislation, including a core licensing regime for payment services.[1][2] ASIC oversees interim regulation, with full bespoke oversight (potentially involving APRA) delayed at least a year.[7] The Digital Assets Framework commences 9 April 2027 with a six-month transition.[8]

ASIC grants class relief for intermediaries distributing stablecoins or wrapped tokens from licensed issuers, allowing omnibus accounts with record-keeping, without separate AFSLs.[2][3]

Reserve Requirements and Disclosure

Tokenised SVF providers must publish online:

• Material changes affecting token backing value or redemption ability.
• Monthly statements of reserve assets and outstanding liabilities.[1]

This promotes transparency; issuers retain prudential responsibilities, with intermediaries required to share product disclosure statements.[2]

Redemption Rights

Not explicitly detailed in sources, but implied through reserve disclosures and obligations to meet liabilities, ensuring backing assets support redemption.[1]

Algorithmic Stablecoin Rules

No specific rules mentioned; framework targets backed "payment stablecoins" as tokenised SVFs, excluding unbacked or algorithmic designs.[1][4]

CBDC Interaction

No direct interaction specified; reforms focus on private stablecoins within payments framework, separate from RBA's CBDC explorations.[4]

Key Legislation and References

• Draft Stablecoin and Payments Legislation (Exposure Draft, October 2025): Introduces tokenised SVFs, licensing, and disclosures. Available at treasury exposure drafts via [1].
• Corporations Act 2001 (amendments proposed): Via AFSL requirements.[1][2]
• ASIC Regulatory Relief (finalized ~2026): For stablecoin/wrapped token distribution.[2][3]
• Digital Assets Framework Bill: Commences 9 April 2027.[8]
• Ongoing Treasury/CFR work on payment stablecoins as SVFs.[4][5]

Framework remains transitional; Treasury finalizes comprehensive rules post-2025 consultations.[1][5][7]