Australia Sets Sept. 30 Deadline for Crypto Firms to Secure Licenses or Face Heavy Fines

Australian crypto businesses operating under temporary regulatory relief have until September 30 to apply for a proper financial services license, or risk facing significant penalties, including fines of up to 10% of their annual turnover. The Australian Securities and Investments Commission issued the warning this week, urging companies that require licensing to submit applications or request changes to existing licenses before the deadline.

Firms needing market or clearing and settlement licenses have also been instructed to notify the regulator and schedule a pre-application meeting ahead of the cutoff date.

Non-Compliance Could Lead to Legal Action

Starting October 1, any company operating without meeting the regulator’s conditions could be found in breach of financial services law, exposing them to both civil and criminal penalties. Since updating its guidance late last year, the regulator has received more than 45 digital asset-related license applications, a notable increase from the roughly 30 applications recorded earlier in the year when the relief period was extended.

This transitional enforcement relief is separate from Australia’s broader Digital Asset Framework, which is scheduled to take full effect in April 2027, marking a longer-term shift toward formal crypto industry regulation in the country.