Stablecoins still benched as Australia’s crypto licensing regime firms up — Capital Brief
ASIC is overseeing interim regulation of stablecoin issuance as bespoke oversight that would rope in the RBA and APRA could be at least a year away.
Wide adoption of stablecoins is unlikely before the introduction of bespoke licensing.
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A final review of a highly anticipated regime to bring crypto exchanges and digital wallets under the Australian Financial Services Licence (AFSL) is expected on Monday. But don’t expect it to spur mainstream stablecoin adoption.
The scheme before the Senate is expected to give crypto exchanges and digital wallets the confidence to handle stablecoins, but industry players think banks will need greater regulatory certainty before they get onboard.
Effie Dimitropoulos, the CEO and co-founder of ASX-listed Novatti Group subsidiary AUDC which issues the stablecoin AUDD, told Capital Brief that the proposed regime for crypto exchanges in conjunction with interim AFSL arrangements provides a “pathway into stablecoin regulation” but is incomplete.
“Whilst we have a licence and whilst we are able to issue non-cash payment facility services, we don’t have something called a stablecoin licence,” Dimitropoulos said.
Topics:
Cryptocurrencies,
Regulation
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