{"id":"F2025L01117","name":"ASIC Corporations (Stablecoin Distribution Exemption) Instrument 2025/631","slug":"asic-corporations-stablecoin-distribution-exemption-instrument-2025-631","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":106859,"registerId":"commonwealth-F2025L01117-current","compilationNumber":null,"startDate":"2026-04-03","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"ASIC Corporations (Stablecoin Distribution Exemption) Instrument 2025/631","content":"![Commonwealth Coat of Arms and ASIC logo](image.001.png)\n\nASIC Corporations (Stablecoin Distribution Exemption) Instrument 2025/631\n\nmade under subsections 791C(7), 791C(9), 820C(7), 820C(9) and 926A(2) of the Corporations Act 2001\n\nCompilation No. 1\n\nCompilation date: 08/10/2025\n\nIncludes amendments up to: ASIC Corporations (Amendment) Instrument 2025/679 (F2025L01233)\n\nAbout this compilation\n\nThis compilation\n\nThis is a compilation of the ASIC Corporations (Stablecoin Distribution Exemption) Instrument 2025/631 that shows the text of the law as amended and in force on 08/10/2025 (the compilation date).\n\nThe notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law.\n\nUncommenced amendments\n\nThe effect of uncommenced amendments is not shown in the text of the compiled law. The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. Any uncommenced amendments affecting the law are accessible on the Register (www.legislation.gov.au).\n\nApplication, saving and transitional provisions\n\nIf the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.\n\nModifications\n\nIf the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. Any modifications affecting the law are accessible on the Register.\n\nSelf‑repealing provisions\n\nIf a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.\n\nContents\n\nPart 1—Preliminary..................................................4\n\n1 Name of legislative instrument...........................................4\n\n2 Commencement......................................................4\n\n3 Authority............................................................4\n\n4 Simplified outline of this instrument......................................4\n\n5 Definitions..........................................................4\n\nPart 2—Exemption...................................................6\n\n6 Australian market licence exemption......................................6\n\n7 Australian CS facility licence exemption...................................6\n\n8 Australian financial services licence exemption..............................6\n\n9 Condition...........................................................6\n\nPart 3—Repeal......................................................7\n\n10 Repeal..............................................................7\n\nEndnotes...........................................................8\n\nEndnote 1—About the endnotes..............................................8\n\nEndnote 2—Abbreviation key...............................................9\n\nEndnote 3—Legislation history.............................................10\n\nEndnote 4—Amendment history............................................11\n\nPart 1—Preliminary\n\n1 Name of legislative instrument\n\nThis is the ASIC Corporations (Stablecoin Distribution Exemption) Instrument 2025/631.\n\n2 Commencement\n\nThis instrument commences on the day after it is registered on the Federal Register of Legislation.\n\nNote: The register may be accessed at www.legislation.gov.au.\n\n3 Authority\n\nThis instrument is made under subsections 791C(7), 791C(9), 820C(7), 820C(9) and 926A(2) of the Corporations Act 2001.\n\n4 Simplified outline of this instrument\n\nThis instrument specifies certain stablecoins and provides the following licensing exemptions to persons (called Distributors) who are not issuers of a specified stablecoin:\n\n(a) a Distributor who operates a financial market only because a specified stablecoin is a financial product does not need to have an Australian market licence;\n\n(b) a Distributor who operates a clearing and settlement facility only because a specified stablecoin is a financial product does not need to have an Australian CS facility licence;\n\n(c) a Distributor who provides certain financial services in relation to a specified stablecoin does not need to have an Australian financial services licence.\n\nThe exemptions are subject to a condition that the Distributor must take reasonable steps to give or make available a Product Disclosure Statement in relation to the stablecoin to retail clients where one has been prepared by the issuer of the stablecoin.\n\n5 Definitions\n\n(1) In this instrument:\n\nAct means the Corporations Act 2001.\n\nDistributor means a person other than a Named Stablecoin Issuer.\n\nNamed Stablecoin has the meaning given by subsection (2).\n\nNamed Stablecoin Issuer has the meaning given by subsection (2).\n\nretail client:\n\n(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\n\n(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\n\n(c) otherwise, retail client has the meaning given by sections 761G and 761GA of the Act.\n\n(2) In this instrument:\n\n(a) an entity referred to in an item of the following table is a Named Stablecoin Issuer; and\n\n(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.\n\n| Item | Named Stablecoin Issuer                                | Named Stablecoin |\n| ---- | ------------------------------------------------------ | ---------------- |\n| 1    | Catena Digital Pty Ltd ACN 669 901 302                 | AUDM             |\n| 2    | Forte Securities Australia Pty Limited ACN 614 579 734 | AUDF             |\n\nPart 2—Exemption\n\n6 Australian market licence exemption\n\nA Distributor does not have to comply with subsection 791A(1) of the Act if they operate a financial market only because one or more Named Stablecoins is a financial product.\n\n7 Australian CS facility licence exemption\n\nA Distributor does not have to comply with subsection 820A(1) of the Act if they operate a clearing and settlement facility only because one or more Named Stablecoins is a financial product.\n\n8 Australian financial services licence exemption\n\nA Distributor does not have to comply with subsection 911A(1) of the Act for the provision of any of the following financial services:\n\n    (a) providing general advice in relation to a Named Stablecoin;\n    (b) dealing in (other than by issuing) a Named Stablecoin;\n    (c) making a market for a Named Stablecoin;\n    (d) providing a custodial or depository service in relation to a Named Stablecoin.\n\n9 Condition\n\nA Distributor that relies on an exemption in section 6, 7 or 8 in relation to one or more Named Stablecoins 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, where one has been prepared by the Named Stablecoin Issuer.\n\n> Note: If a Named Stablecoin is issued without a Product Disclosure Statement being prepared, subsequent offers for sale of the Named Stablecoin may require a Product Disclosure Statement: see section 1012C of the Act.\n\nPart 3—Repeal\n\n10 Repeal\n\nThis instrument is repealed at the start of 1 June 2028.\n\nEndnotes\n\nEndnote 1—About the endnotes\n\n> Note: The endnotes provide information about this compilation and the compiled law.\n\n> Note: The following endnotes are included in every compilation:\n\n> Note: Endnote 1—About the endnotes\n\n> Note: Endnote 2—Abbreviation key\n\n> Note: Endnote 3—Legislation history\n\n> Note: Endnote 4—Amendment history\n\n> Note: Abbreviation key—Endnote 2\n\n> Note: The abbreviation key sets out abbreviations that may be used in the endnotes.\n\n> Note: Legislation history and amendment history—Endnotes 3 and 4\n\n> Note: Amending laws are annotated in the legislation history and amendment history.\n\n> Note: The legislation history in endnote 3 provides information about each law that has amended (or will amend) the compiled law. The information includes commencement details for amending laws and details of any application, saving or transitional provisions that are not included in this compilation.\n\n> Note: The amendment history in endnote 4 provides information about amendments at the provision (generally section or equivalent) level. It also includes information about any provision of the compiled law that has been repealed in accordance with a provision of the law.\n\n> Note: Misdescribed amendments\n\n> Note: A misdescribed amendment is an amendment that does not accurately describe how an amendment is to be made. If, despite the misdescription, the amendment can be given effect as intended, then the misdescribed amendment can be incorporated through an editorial change made under section 15V of the Legislation Act 2003.\n\n> Note: If a misdescribed amendment cannot be given effect as intended, the amendment is not incorporated and “(md not incorp)” is added to the amendment history.\n\nEndnote 2—Abbreviation key\n\n| ad = added or inserted                         | orig = original                          |\n| ---------------------------------------------- | ---------------------------------------- |\n| am = amended                                   | p = page(s)                              |\n| amdt = amendment                               | para = paragraph(s)/subparagraph(s)      |\n| C[x] = Compilation No. x                       | /sub‑subparagraph(s)                     |\n| ch = Chapter(s)                                | pres = present                           |\n| cl = clause(s)                                 | prev = previous                          |\n| cont. = continued                              | (prev…) = previously                     |\n| def = definition(s)                            | pt = Part(s)                             |\n| Dict = Dictionary                              | r = regulation(s)/Court rule(s)          |\n| disallowed = disallowed by Parliament          | reloc = relocated                        |\n| div = Division(s)                              | renum = renumbered                       |\n| exp = expires/expired or ceases/ceased to have | rep = repealed                           |\n| effect                                         | rs = repealed and substituted            |\n| gaz = gazette                                  | s = section(s)/subsection(s)             |\n| LA = Legislation Act 2003                      | /rule(s)/subrule(s)/order(s)/suborder(s) |\n| LIA = Legislative Instruments Act 2003         | sch = Schedule(s)                        |\n| (md not incorp) = misdescribed amendment       | SLI = Select Legislative Instrument      |\n| cannot be given effect                         | SR = Statutory Rules                     |\n| mod = modified/modification                    | sub ch = Sub‑Chapter(s)                  |\n| No. = Number(s)                                | sub div = Subdivision(s)                 |\n| Ord = Ordinance                                | sub pt = Subpart(s)                      |\n|                                                | underlining = whole or part not          |\n|                                                | commenced or to be commenced             |\n\nEndnote 3—Legislation history\n\n| Name                                                                                   | Registration | Commencement | Application, saving and transitional provisions |\n| -------------------------------------------------------------------------------------- | ------------ | ------------ | ----------------------------------------------- |\n| ASIC Corporations (Stablecoin Distribution Exemption) Instrument 2025/631(F2025L01117) | 19/09/2025   | 20/09/2025   | -                                               |\n| ASIC Corporations (Amendment) Instrument 2025/679(F2025L01233)                         | 07/10/2025   | 08/10/2025   | -                                               |\n\nEndnote 4—Amendment history\n\n| Provision affected | How affected |\n| ------------------ | ------------ |\n| Section 2          | rep. s48D LA |\n| Section 4          | am 2025/679  |\n| Section 5          | am 2025/679  |\n| Section 9          | am 2025/679  |","sortOrder":0}],"analysis":{"flash_summary_failed":{"failed":true,"reason":"A positive credit balance is required for all requests, including BYOK, so fallback providers remain available. Add credits at https://vercel.com/d?to=%2F%5Bteam%5D%2F%7E%2Fai%3Fmodal%3Dtop-up to continue.","source":"analysis-cron"},"flash_summary":{"complexity_score":3,"scope_assessment":{"changed":true,"description":"Endnote 4 records amendments to sections 4, 5 and 9 by ASIC Corporations (Amendment) Instrument 2025/679, indicating the instrument’s simplified outline, definitions and the PDS condition were altered after original enactment. The compilation (Endnotes 3–4) shows the instrument as amended, so the current text reflects a changed scope compared with the original instrument."},"complexity_factors":["Very narrow scope — only two Named Stablecoins listed in the table (s 5(2)).","Limited, plainly stated exemptions (market licence s 6; CS facility licence s 7; AFSL carve‑outs s 8) keep substantive content small.","Condition uses open standard “reasonable steps” to provide issuer PDS to retail clients (s 9) — creates interpretive/compliance uncertainty.","Multiple cross‑references to the Corporations Act for licence duties and retail client definitions (ss 791A(1), 820A(1), 911A(1); s 5(1)) increases need for Act‑level legal reading.","Qualification “only because a Named Stablecoin is a financial product” (ss 6–7) requires factual/legal assessment by Distributors to determine applicability.","Temporal limit/repeal date (s 10) imposes a sunset and planning horizon for affected businesses."],"plain_english_summary":"This instrument names two stablecoins (AUDM and AUDF) and lets non‑issuer “Distributors” skip certain Australian licences when those obligations arise only because the named stablecoin is a financial product. Exemptions cover market operator and clearing‑facility licences and certain financial services (advice, dealing other than issuing, market making, custodial/depository). Distributors must take reasonable steps to give retail clients the issuer’s Product Disclosure Statement where one exists. The instrument expires on 1 June 2028."},"kimi_summary":{"content_quality":"ok","complexity_score":3,"scope_assessment":{"changed":false,"description":"The legislation maintains a narrow, targeted scope focused specifically on distribution exemptions for two named stablecoins. The amendment history shows only minor updates to sections 2, 4, 5, and 9, suggesting technical or clarifying changes rather than scope expansion. The instrument remains tightly constrained to its original purpose of providing temporary licensing relief for specific stablecoin distribution activities."},"complexity_factors":["Short length (10 sections plus endnotes)","Limited defined terms (only 5 substantive definitions in section 5)","Simple conditional structure (single condition in section 9 applying to all exemptions)","No nested exceptions or complex cross-referencing beyond basic Corporations Act citations","Specific, closed list of affected entities (only 2 stablecoin issuers named in table)","Sunset clause provides clear temporal boundary (repeal date of 1 June 2028)","Straightforward exemption structure (sections 6-8 each provide a single, clear exemption)"],"plain_english_summary":"This instrument grants limited exemptions so businesses distributing two specified Australian-dollar stablecoins (AUDM and AUDF) can operate trading, custody, and related services without usual market, clearing or AFS licences. It affects Distributors, retail clients and the named issuers (Catena Digital and Forte Securities Australia).\n\nExemptions require Distributors to take reasonable steps to give retail clients any issuer Product Disclosure Statement and expire on 1 June 2028."}},"importantCases":[],"_links":{"self":"/api/acts/asic-corporations-stablecoin-distribution-exemption-instrument-2025-631","history":"/api/acts/asic-corporations-stablecoin-distribution-exemption-instrument-2025-631/history","analysis":"/api/acts/asic-corporations-stablecoin-distribution-exemption-instrument-2025-631/analysis","conflicts":"/api/acts/asic-corporations-stablecoin-distribution-exemption-instrument-2025-631/conflicts","importantCases":"/api/acts/asic-corporations-stablecoin-distribution-exemption-instrument-2025-631/important-cases","documents":"/api/acts/asic-corporations-stablecoin-distribution-exemption-instrument-2025-631/documents"}}