Australia: Applicability of Corporations (Stablecoin Distribution Exemption) Instrument 2025/631 ends

On 1 June 2028, the Australian Securities and Investments Commission (ASIC) Corporations (Stablecoin Distribution Exemption) Instrument 2025/631 is repealed. The instrument was adopted by ASIC under subsections 791C(7), 820C(7) and 926A(2) of the Corporations Act 2001. Its repeal terminates the exemptions for distributors who are not issuers of specified stablecoins, including AUDM issued by Catena Digital Pty Ltd (ACN 669 901 302). Distributors will no longer be exempt from holding an Australian market licence if they operate a financial market solely because the stablecoin is a financial product. They will also need an Australian clearing and settlement facility licence if they operate such a facility only because the stablecoin is a financial product. Similarly, they will require an Australian financial services licence for activities such as providing general advice, dealing in (other than issuing), making a market for, or providing custodial or depository services related to the stablecoin. The condition requiring distributors to take reasonable steps to provide the most current Product Disclosure Statement to retail clients also ceases to apply.