Australia Gives Crypto Firms Until September 30 to Secure Licenses
Australia's corporate regulator, ASIC, has set a deadline of September 30 for digital-asset businesses to apply for or vary an Australian Financial Services (AFS) licence. The move comes as part of the regulator's efforts to bring clarity to the sector and ensure compliance with existing financial-services law.
The no-action position, which provided a temporary bridge for businesses working through whether their activities require an AFS licence, is set to end on September 30. Businesses that do not satisfy the conditions may be exposed to civil and criminal penalties for breaches of financial-services law.
ASIC's notice framed the deadline as a final call for businesses to submit new licence applications or seek variations to existing licences. The regulator has reported over 45 relevant digital-asset licence applications, up from approximately 30 when it announced the September extension in June.