ASIC Corporations (Stablecoin Distribution Exemption) Instrument 2025/631

I, Rhys Bollen, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.

Date 17 September 2025

Contents

Part 1—Preliminary 3

1 Name of legislative instrument....................................3

2 Commencement...............................................3

3 Authority....................................................3

4 Simplified outline of this instrument...............................3

5 Definitions...................................................3

Part 2—Exemptions 5

6 Australian market licence exemption...............................5

7 Australian CS facility licence exemption............................5

8 Australian financial services licence exemption......................5

9 Condition....................................................5

Part 3—Repeal 6

10 Repeal.......................................................6

Part 1—Preliminary

1 Name of legislative instrument

This is the ASIC Corporations (Stablecoin Distribution Exemption) Instrument 2025/631.

2 Commencement

This instrument commences on the day after it is registered on the Federal Register of Legislation.

Note: The register may be accessed at www.legislation.gov.au.

3 Authority

This instrument is made under subsections 791C(7), 820C(7) and 926A(2) of the Corporations Act 2001.

4 Simplified outline of this instrument

5 Definitions

(1) In this instrument:

Act means the Corporations Act 2001.

Distributor means a person other than a Named Stablecoin Issuer.

Named Stablecoin has the meaning given by subsection (2).

Named Stablecoin Issuer has the meaning given by subsection (2).

retail client:

(a) a person is a retail client in relation to a financial market if a financial service provided to the person in relation to the trading or proposed trading of a financial product by the person on the market is or would be provided to the person as a retail client (within the meaning of sections 761G and 761GA of the Act); and

(b)  a person is a retail client in relation to a clearing and settlement facility if a financial service provided to the person in relation to transactions in financial products in relation to the clearing and settlement facility is or would be provided to the person as a retail client (within the meaning of sections 761G and 761GA of the Act); and

(c) otherwise, retail client has the meaning given by sections 761G and 761GA of the Act.

(2) In this instrument:

(a) an entity referred to in an item of the following table is a Named Stablecoin Issuer; and

(b) a stablecoin token listed in the item in relation to the Named Stablecoin Issuer is a Named Stablecoin in relation to the Named Stablecoin Issuer.

Part 2—Exemptions

6 Australian market licence exemption

A Distributor does not have to comply with subsection 791A(1) of the Act if they operate a financial market only because a Named Stablecoin is a financial product.

7 Australian CS facility licence exemption

A Distributor does not have to comply with subsection 820A(1) of the Act if they operate a clearing and settlement facility only because a Named Stablecoin is a financial product.

8 Australian financial services licence exemption

A Distributor does not have to comply with subsection 911A(1) of the Act for the provision of any of the following financial services:

(a) providing general advice in relation to a Named Stablecoin;

(b) dealing in (other than by issuing) a Named Stablecoin;

(c) making a market for a Named Stablecoin;

(d) providing a custodial or depository service in relation to a Named Stablecoin.

9 Condition

A Distributor that relies on an exemption in section 6, 7 or 8 in relation to a Named Stablecoin and a retail client must take reasonable steps to give or make available to the retail client a Product Disclosure Statement for the Named Stablecoin that is the most current in use.

Part 3—Repeal

10 Repeal

This instrument is repealed at the start of 1 June 2028.