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

Created at 3 Sep · 8:06 AM1 source↑ Market-relevant
IN SHORT

Australian crypto firms must apply for a financial services license by September 30 or face penalties, including fines up to 10% of annual turnover. The Australian Securities and Investments Commission (ASIC) has received over 45 applications since updating guidance.

Key Numbers

10%maximum fine for unlicensed crypto firms
Sept. 30deadline for license applications
45digital asset-related license applications received
Oct. 1date penalties may be imposed
April 9, 2027Digital Asset Framework effective date

Who's Involved

ASIC
Australian Securities and Investments Commission, issuing the warning

↳ Why This Matters

The warning from ASIC signals a significant tightening of regulatory oversight for crypto firms in Australia, potentially leading to increased compliance costs and market consolidation as unlicensed entities face substantial financial penalties.

Key facts

  • Australian crypto firms must obtain a financial services license by September 30.
  • Failure to comply risks penalties, including fines up to 10% of annual turnover.
  • ASIC has received more than 45 digital asset-related license applications.
  • The temporary enforcement relief period was extended to September 30.
  • New digital asset regulations in Australia take effect April 9, 2027.

Australian crypto companies operating under temporary regulatory relief must secure a financial services license by September 30 or face significant penalties, including fines that could reach 10% of their annual turnover. The Australian Securities and Investments Commission (ASIC) issued a warning stating that businesses requiring authorization must apply for a license or modify an existing one before the deadline.

Starting October 1, companies that have not met the conditions of ASIC's no-action position may be in breach of financial services law and could face civil and criminal penalties. This warning intensifies the pressure on crypto businesses that have not yet entered Australia's licensing process as the regulator prepares to end the temporary enforcement relief.

ASIC reported receiving over 45 digital asset-related license applications since updating its guidance in October 2025. The regulator had previously extended the relief period from June 30 to September 30 and broadened its scope to include crypto businesses operating as authorized representatives or through intermediary arrangements. At the time of the extension, approximately 30 applications had been received.

This transition relief is distinct from Australia's broader Digital Asset Framework, which is scheduled to take effect on April 9, 2027.

Frequently asked questions

The deadline for crypto firms to apply for a financial services license in Australia is September 30.

Unlicensed crypto firms risk penalties, including fines up to 10% of their annual turnover, as well as civil and criminal penalties.

ASIC has recorded more than 45 digital asset-related license applications since updating its guidance.

Australia's Digital Asset Framework is set to take effect on April 9, 2027.

What Happens Next

01Crypto firms must apply for licenses by September 30.
02ASIC will begin imposing penalties for non-compliance from October 1.
03Australia's Digital Asset Framework takes effect on April 9, 2027.

How It Developed

ASIC has recorded over 45 digital asset-related license applications.
ASIC extended temporary enforcement relief for crypto firms to Sept. 30.
Unlicensed firms risk penalties, including fines up to 10% of annual turnover.
Companies must apply for or amend licenses before the Sept. 30 deadline.

Sources

T1
Australia warns unlicensed crypto firms of fines up to 10% of annual turnoverASIC has recorded more than 45 digital asset-related license applications as its temporary enforcement relief approaches Sept. 30 expiration.Cointelegraph

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