Crypto Companies in Australia Face Penalties of Up to 10% Revenue for Operating Without Licenses
Cryptocurrency businesses in Australia that fail to meet ASIC's licensing requirements by the deadline may be subject to criminal or civil sanctions, with potential fines amounting to 10% of yearly revenue.
Cryptocurrency enterprises in Australia that have been operating under temporary regulatory exemptions face a Sept. 30 deadline to submit applications for financial services licensing or face substantial penalties, with fines potentially amounting to 10% of their yearly revenue.
The Australian Securities and Investments Commission (ASIC) announced on Wednesday that companies needing an Australian Financial Services license must submit their applications or request modifications to their current licenses ahead of the deadline. Additionally, entities that need market licenses or clearing and settlement licenses are required to inform the regulator and participate in a pre-application consultation.
From Oct. 1 onward, firms that need proper authorization but have failed to satisfy the requirements outlined in ASIC's no-action position may find themselves in violation of financial services legislation. According to the regulator, these companies could be subject to both civil and criminal sanctions.
The notice increases pressure on cryptocurrency enterprises that have yet to begin the nation's licensing application process, as the regulatory authority prepares to terminate its temporary enforcement exemption. ASIC disclosed that it has documented over 45 applications related to digital assets for licensing since it revised its guidance in October 2025.
ASIC announced on June 25 that it would extend the relief period from its original June 30 deadline to Sept. 30 and broadened its scope to include cryptocurrency firms functioning as authorized representatives of licensed entities or operating through specific intermediary structures. The regulator revealed at that point that approximately 30 applications had been submitted.
The temporary transition relief exists independently from Australia's Digital Asset Framework, which is scheduled to become effective on April 9, 2027.