Australia Gives Crypto Firms Until September 30 to Secure Financial Licenses

Australia’s corporate regulator, the Australian Securities and Investments Commission, has told digital-asset businesses relying on its sector-wide no-action position to apply for, or vary, an Australian Financial Services (AFS) licence by September 30, 2026.

From October 1, businesses that do not satisfy the arrangement’s conditions may be exposed to civil and criminal penalties for breaches of financial-services law. ASIC said potential fines can reach 10% of annual turnover.

September 30 ends ASIC’s no-action position

As parts of the digital-asset sector work through whether their activities require an AFS licence under existing law, the regulator’s no-action position has provided a temporary bridge. It leaves the underlying licensing framework intact and instead sets the circumstances in which ASIC has said it would not take action during the transition.

That position now has a hard end date. ASIC’s September 7 notice framed the deadline as a final call for businesses that have used the relief to submit a new licence application or seek a variation to an existing licence.

… Continue reading the full article at the original source below.