Australia sets September 30 deadline for crypto firms to obtain licenses or face fines up to 10% of revenue

The Australian Securities and Investments Commission (ASIC) has issued a final warning to crypto firms, setting a September 30, 2026 deadline to apply for financial services licenses or face enforcement. Starting October 1, 2026, unlicensed operators face civil and criminal penalties, including fines up to 10% of annual turnover. Over 45 firms have applied since guidance was updated in October 2025. This transition serves as a bridge to Australia's broader Digital Assets Framework, which takes effect on April 9, 2027.

ASIC September 30 licensing deadline

• ▪The Australian Securities and Investments Commission set a September 30, 2026 deadline for digital asset businesses relying on transitional relief to apply for required financial licenses.
• ▪Starting October 1, 2026, digital asset businesses that require authorization but have not met the Australian Securities and Investments Commission's licensing conditions will operate in breach of financial services law.

Transitional relief expiration

• ▪The Australian Securities and Investments Commission previously extended the transitional relief period from June 30, 2026, to September 30, 2026, to give digital asset businesses more time to prepare.
• ▪The Australian Securities and Investments Commission's sector-wide no-action position, which provided temporary regulatory relief to crypto firms, will expire after the September 30, 2026 deadline.
• ▪The Australian Securities and Investments Commission first consulted on transitional arrangements for digital asset businesses in December 2024.

Penalty framework up to 10%

• ▪The Australian Securities and Investments Commission's no-action letter does not declare covered crypto activities lawful or prevent courts and third parties from taking legal action.
• ▪Crypto businesses requiring an Australian Financial Services license must apply for a new license, vary an existing license, or operate as an authorized representative of a licensed firm by September 30, 2026.

License application pathways

• ▪Crypto market operators and clearing and settlement providers must notify the Australian Securities and Investments Commission in writing and hold a pre-application meeting by September 30, 2026.
• ▪The Australian Securities and Investments Commission has received more than 45 digital asset-related license applications since updating its INFO 225 guidance in October 2025.
• ▪Australia's Corporations Amendment (Digital Assets Framework) Act 2026 passed Parliament on April 1, 2026, and is scheduled to take effect on April 9, 2027.
• ▪Crypto businesses that do not wish to enter the licensing system must notify the Australian Securities and Investments Commission by September 30, 2026, and wind down their covered activities.

Digital Assets Framework 2027

• ▪The Australian Securities and Investments Commission stated that many existing financial services authorizations will remain necessary even after the 2027 Digital Assets Framework takes effect.
• ▪The Corporations Amendment (Digital Assets Framework) Act 2026 will bring crypto and tokenized custody platforms under Australia's financial services licensing regime.