Core Viewpoint - Australia's securities regulator, ASIC, has introduced temporary exemptions for digital asset businesses, facilitating their operations while a comprehensive overhaul of the country's crypto framework is underway [1][2]. Group 1: Exemptions and Regulatory Changes - ASIC has finalized class relief for intermediaries involved in the secondary distribution of certain stablecoins and wrapped tokens, allowing them to operate without separate Australian financial services licenses [2][3]. - The relief extends to custody, permitting providers to hold tokenized financial products in omnibus accounts, a practice previously restricted in the crypto sector [2][4]. - The exemption is contingent upon firms maintaining proper records and reconciliation procedures, as outlined in ASIC's updated digital-asset guidance [3][5]. Group 2: Industry Feedback and Consultation - ASIC's decision follows a consultation process that began on October 29, which included feedback from five non-confidential submissions, with industry groups generally supporting the plan but seeking clearer definitions and broader eligibility [4][6]. - In response to industry feedback, ASIC expanded the scope of the exemptions to include tokens issued by entities that have applied for licenses [4]. Group 3: Transition Period and Future Legislation - ASIC has adopted a sector-wide no-action stance until June 30, 2026, allowing companies time to review the new guidance, submit license applications, or adjust their operations [6]. - The temporary relief is expected to last until mid-2028, by which time the government aims to implement legislation addressing tokenized payments and custody structures [7].