Definition ∞ 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.
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