The Australian Securities and Investments Commission (ASIC) has announced an expansion of regulatory exemptions for digital assets, offering new licensing and custody exemptions for intermediaries dealing with eligible stablecoins and wrapped tokens, in order to promote the development of the country’s digital asset and payments industry. The new regulations allow institutions holding an Australian Financial Services (AFS) license, market license, or clearing facility license to obtain exemptions when engaging in secondary distribution of eligible stablecoins and wrapped tokens, and to use omnibus account custody under a compliant record-keeping mechanism. Eligible stablecoins and wrapped tokens must maintain equivalent reserves and regularly disclose reserve reports. This exemption measure will automatically expire on January 1, 2029, allowing time for the market to transition to the broader regulatory framework being developed by the Australian Treasury. (Decrypt)