Australia Warns Unlicensed Crypto Firms of Fines Up to 10% of Annual Turnover

Australia's financial watchdog has warned unlicensed cryptocurrency firms that they face fines up to 10% of their annual turnover if they fail to apply for a license by September 30. The Australian Securities and Investments Commission (ASIC) is ending temporary regulatory relief, which allowed companies to operate without proper authorization.

The regulator said businesses requiring an Australian Financial Services license must apply or seek changes to an existing license before the deadline. Companies that require market or clearing and settlement licenses must also notify ASIC and hold a pre-application meeting.

Starting October 1, unlicensed firms may face civil and criminal penalties for operating in breach of financial services law. The regulator recorded more than 45 digital asset-related license applications since updating its guidance in October 2025.

The warning raises the stakes for cryptocurrency businesses that have not entered Australia's licensing process.