ASIC’s Crypto Crackdown Countdown: Sept. 30 Deadline Looms

Australian crypto businesses relying on ASIC’s temporary no-action relief have until Sept. 30 to apply for or vary an Australian Financial Services licence, the regulator said, or risk operating in breach of financial services law from Oct. 1.

ASIC issued the warning on Sept. 2, calling it a final call before the deadline. Firms that need a licence or a variation but have not met the conditions of the no-action position could face civil and criminal penalties, including fines reaching up to 10% of annual turnover.

The relief, in place since ASIC updated its guidance last October, has let exchanges, custodians and other intermediaries keep serving Australian customers while they pursue the authorisations the regulator says they need. 

ASIC pushed the deadline back to Sept. 30 earlier this year, describing it as a pragmatic response to the industry’s transition.

The regulator wants firms to have applied by the deadline, not to hold a licence by then. Businesses that need an Australian Market Licence or a clearing and settlement facility licence must instead notify ASIC in writing of their intention to apply and hold a pre-application meeting by Sept. 30.

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More Than 45 Applications Lodged

ASIC said it has recorded more than 45 licence applications from digital-asset businesses since it updated Information Sheet 225 in October 2025, up from about 30 in June. 

The guidance sets out when a crypto asset is a financial product and when dealing in, advising on or holding one for a client requires a licence. 

ASIC has said virtually all crypto-related businesses in Australia will need one, a position it firmed up when it consulted the industry on the updated guidance. A licence brings those firms under the same conduct, disclosure and competency obligations that apply across Australian financial services.

The Corporations Amendment (Digital Assets Framework) Act 2026, the statute that will replace the transitional arrangements and govern digital-asset businesses in Australia, takes effect on 9 April 2027. 

Parliament passed the Act earlier this year, setting a transition window before the new rules take effect. ASIC has already moved against unlicensed operators, warning consumers away from Bitget over crypto derivatives offered without a local licence, and has granted class relief for some stablecoin distribution while the reforms take shape.

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