Australia Might Reclassify Stablecoins as Financial Products Requiring Licensing

Australia’s securities regulator has declared stablecoins, wrapped tokens, tokenized securities, and digital asset wallets as financial products under existing law, requiring service providers to obtain licensing while granting the industry an eight-month transition period. The Australian Securities and Investments Commission (ASIC) announced updated guidance on Wednesday, alongside a sector-wide no-action position that runs until June 30, 2026. ASIC Commissioner Alan Kirkland said, “distributed ledger t ...