Australia warns unlicensed crypto firms of fines up to 10% of annual turnover
Reported by Cointelegraph · AI-assisted summary by ChikoCorp AI News Desk
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Summary
The Australian Securities and Investments Commission (ASIC) has warned crypto companies operating under temporary regulatory relief that they must apply for a financial services license by September 30 or face penalties, including fines up to 10% of annual turnover. After October 1, companies that have not complied could be breaking financial services law and subject to civil or criminal penalties. ASIC has received over 45 digital asset-related license applications since updating its guidance.
Why it matters
The source suggests that this warning increases regulatory pressure on crypto firms, signaling the end of temporary enforcement relief and pushing companies to formally comply with licensing requirements. This development matters for crypto businesses operating in Australia as it tightens regulatory oversight and potential penalties.
Key context
ASIC had previously granted temporary relief periods that were extended to September 30, covering certain crypto businesses operating as authorized representatives or intermediaries. This transitional relief is distinct from Australia’s upcoming Digital Asset Framework, which will take effect in April 2027.
Key numbers and entities
Key entities include the Australian Securities and Investments Commission (ASIC) and crypto companies in Australia. ASIC has received more than 45 license applications since October 2025 and about 30 applications by June 25, 2026, when the relief period was extended.
What remains unclear
The source does not specify which exact types of crypto businesses require specific licenses, the detailed process for compliance, or the extent of criminal penalties that might be enforced. It also does not clarify the interaction between the temporary relief and the upcoming Digital Asset Framework.