Australia warns unlicensed crypto firms of fines up to 10% of annual turnover
Australia’s ASIC has told crypto firms using temporary regulatory relief to apply for the needed financial services license by Sept. 30 or face enforcement risk. Businesses that need an Australian Financial Services license must apply for one or amend an existing one, while firms needing market or clearing and settlement licenses must also notify ASIC and hold a pre-application meeting. From Oct. 1, firms still operating without meeting ASIC’s conditions could be in breach of financial services law and face civil or criminal penalties, including fines of up to 10% of annual turnover. ASIC said it has received more than 45 digital asset-related license applications since updating its guidance in October 2025, up from about 30 when it extended the relief period in June. The transition relief is separate from Australia’s broader Digital Asset Framework, which begins in 2027.
