Intermediary Exemption refers to a legal provision that relieves certain entities, typically platforms or service providers, from specific regulatory obligations that would otherwise apply. This exemption often applies when the intermediary merely facilitates a transaction without taking principal risk or exercising control over the underlying assets. In digital asset regulation, such exemptions are sought to avoid stifling innovation for non-custodial services.
Context
The concept of intermediary exemption is a significant point of discussion in the ongoing development of digital asset regulation. News often covers legislative proposals or court rulings that address whether decentralized exchanges or self-custody wallet providers qualify for such exemptions. Clarifying these exemptions is crucial for defining the regulatory perimeter for various participants in the cryptocurrency ecosystem.
The new ASIC class order strategically streamlines stablecoin distribution by shifting the primary licensing burden to the AFS-authorized issuer, reducing intermediary compliance friction.
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