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Australia’s financial regulator has warned crypto businesses relying on its no-action position that they have until Sept. 30 to meet its authorization conditions or risk fines and other penalties.
The Australian Securities and Investments Commission said firms can apply for or vary an Australian Financial Services license, or operate under or enter into authorized-representative or intermediary-authorization arrangements with an AFS license holder.
The relief also covers businesses operating under, or entering into, authorized representative or intermediary authorization arrangements with an AFS license holder.
Companies that need an Australian Market Licence or a Clearing and Settlement facility license must also notify ASIC and hold a pre-application meeting by Sept. 30.
From Oct. 1, businesses that require a license but have not met the conditions of ASIC’s temporary relief could be operating in breach of financial services law. Penalties can include fines of up to 10% of annual turnover, ASIC said.
The deadline marks another step in Australia’s push to bring crypto businesses under rules that already govern financial products and services.
ASIC has received more than 45 applications from companies seeking crypto-related authorizations since it updated its INFO 225 guidance in October 2025. The guidance sets out when crypto and services fall under existing financial laws.
Australia’s Corporations Amendment (Digital Assets Framework) Act 2026 comes into effect on April 9, 2027, bringing crypto and tokenized custody platforms under the financial-services licensing regime.
Many firms will still need their existing financial services authorizations after that framework starts, ASIC said. The regulator plans to issue further standards and guidance before the new rules take effect
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Source: cryptonews.net