Australian Regulator Gives Deadline for Digital Asset Businesses to Obtain Licenses

The Australian Securities and Investments Commission (ASIC) has urged digital asset businesses to apply for necessary licenses by September 30th. This deadline applies to companies using ASIC's no-action position, which allows them to operate without a license until they meet the requirements of the new Digital Assets Framework Act.

According to ASIC, since the introduction of INFO 225 in October last year, there have been over 45 applications for AFS licenses and other necessary permits. The agency believes that this is an important step towards integrating digital assets into the regulatory environment, which will benefit consumers and maintain market integrity.

The Digital Assets Framework Act was passed by Parliament in April and is set to take effect on April 9th next year. ASIC has been working on a roadmap for implementing the new regulations, including developing new standards and guidelines for the sector.