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ASIC Corporations (Stablecoin Distribution Exemption) Instrument 2025/631

made under subsections 791C(7), 791C(9), 820C(7), 820C(9) and 926A(2) of the Corporations Act 2001

Compilation No. 1

Compilation date: 08/10/2025

Includes amendments up to: ASIC Corporations (Amendment) Instrument 2025/679 (F2025L01233)

About this compilation

This compilation

This 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).

The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law.

Uncommenced amendments

The 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).

Application, saving and transitional provisions

If 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.

Modifications

If 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.

Self‑repealing provisions

If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.

Contents

Part 1—Preliminary..................................................4

1 Name of legislative instrument...........................................4

2 Commencement......................................................4

3 Authority............................................................4

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

5 Definitions..........................................................4

Part 2—Exemption...................................................6

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

7 Australian CS facility licence exemption...................................6

8 Australian financial services licence exemption..............................6

9 Condition...........................................................6

Part 3—Repeal......................................................7

10 Repeal..............................................................7

Endnotes...........................................................8

Endnote 1—About the endnotes..............................................8

Endnote 2—Abbreviation key...............................................9

Endnote 3—Legislation history.............................................10

Endnote 4—Amendment history............................................11

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), 791C(9), 820C(7), 820C(9) and 926A(2) of the Corporations Act 2001.

4 Simplified outline of this instrument

This instrument specifies certain stablecoins and provides the following licensing exemptions to persons (called Distributors) who are not issuers of a specified stablecoin:

(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;

(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;

(c) a Distributor who provides certain financial services in relation to a specified stablecoin does not need to have an Australian financial services licence.

The 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.

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—Exemption

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 one or more Named Stablecoins 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 one or more Named Stablecoins 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 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.

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.

Part 3—Repeal

10 Repeal

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

Endnotes

Endnote 1—About the endnotes

Note: The endnotes provide information about this compilation and the compiled law.

Note: The following endnotes are included in every compilation:

Note: Endnote 1—About the endnotes

Note: Endnote 2—Abbreviation key

Note: Endnote 3—Legislation history

Note: Endnote 4—Amendment history

Note: Abbreviation key—Endnote 2

Note: The abbreviation key sets out abbreviations that may be used in the endnotes.

Note: Legislation history and amendment history—Endnotes 3 and 4

Note: Amending laws are annotated in the legislation history and amendment history.

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.

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.

Note: Misdescribed amendments

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.

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.

Endnote 2—Abbreviation key

Endnote 3—Legislation history

Endnote 4—Amendment history