ASIC Finalizes Crypto Relief Allowing Omnibus Custody and License Exemptions

Overview

• New class relief exempts intermediaries engaged in the secondary distribution of eligible stablecoins and wrapped tokens from separate AFS, market or clearing facility licenses.
• Separate relief permits custodians to hold digital-asset financial products in omnibus accounts, subject to appropriate record-keeping and reconciliation under a principles-based approach.
• Eligible stablecoins must hold full cash or cash‑equivalent reserves, provide unconditional redemption rights, and publish quarterly reserve reports after four months plus annual audited statements after 16 months.
• Wrapped tokens must maintain reserves equivalent to the underlying digital assets to qualify under the relief.
• ASIC kept a transition no‑action stance as it refines the framework, and broadened eligibility after consultation to include some tokens from issuers that have applied for AFS licenses.