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Australia warns unlicensed crypto firms of fines up to 10% of turnover

ASIC says crypto businesses have until Sept. 30 to apply for, or adjust, Australian financial services and market or clearing and settlement licenses, with civil and criminal penalties possible after Oct. 1.

Reported · Written up by our desk · Regulation

Australia’s financial regulator, ASIC, has warned that crypto firms operating under temporary enforcement relief face penalties, including fines of up to 10% of annual turnover, if they have not applied for required licenses by Sept. 30.

ASIC said it recorded more than 45 digital asset-related license applications since it updated its guidance in October 2025, and that businesses needing an Australian Financial Services license must apply or seek changes to an existing license before the deadline.

Firms that require market or clearing and settlement licenses must also notify ASIC and hold a pre-application meeting. After Oct. 1, companies that have authorization needs but have not met the conditions of ASIC’s no-action position could be operating in breach of financial services law.

ASIC noted the current transition relief runs until Sept. 30, after it was extended from June 30 on June 25 and expanded to cover certain crypto businesses operating as authorized representatives of licensed firms or through specific intermediary arrangements. The regulator also flagged that the warning is separate from Australia’s Digital Asset Framework, which takes effect on April 9, 2027, according to Cointelegraph.

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