Australian Crypto Firms Face September 30th Licensing Deadline with Fines Looming
Australian crypto companies face significant penalties if they fail to meet licensing requirements by September 30th. The Australian Securities and Investments Commission (ASIC) has warned that firms relying on its temporary no-action position must meet authorization conditions before the deadline, or risk facing fines of up to 10% of their annual turnover.
The regulator extended the no-action period in June, giving companies more time to comply with the new regulations. However, ASIC emphasized that the Sept. 30th deadline is separate from Australia's longer-term crypto legislation, which will take effect on April 9, 2027.
Companies can apply for a new Australian Financial Services (AFS) license, vary an existing one, or operate as an authorized representative under an existing AFS license holder to meet the requirements. Firms that require an Australian Market Licence or a Clearing and Settlement facility license must notify ASIC and complete a pre-application meeting before the deadline.