Australia's financial regulator has issued a final warning to unlicensed crypto firms that have been relying on temporary enforcement relief. Companies covered by existing financial services laws have until Sept. 30 to complete the required licensing steps before the Australian Securities and Investments Commission's (ASIC) no-action protection ends on Oct. 1.

ASIC, the national regulator responsible for corporate law, financial services, and markets in Australia, said unlicensed crypto firms could face civil or criminal action after the deadline, with potential penalties reaching 10% of annual turnover in some cases. The Australian Financial Services License that firms must obtain is the same authorization regime that has long governed traditional financial services providers in the country.

LATEST: 🇦🇺 Australia's ASIC is warning digital asset firms providing financial services to apply for or update a license by Sept. 30 or risk fines of up to 10% of annual turnover. pic.twitter.com/n1tdMdPI4A — CoinMarketCap (@CoinMarketCap) September 3, 2026

This figure represents the maximum possible penalty for non-compliance and does not imply that every company trading without a license will receive a fine of that magnitude.

What ASIC Rules Apply to Unlicensed Crypto Firms Before Sept. 30?

The number of license applications for digital assets now exceeds 45, up from roughly 30, after ASIC revised its guidelines in October 2025 and extended its deadline from June. The uptick in applications reflects the broader regulatory shift bringing digital asset services under the same licensing obligations that apply to conventional financial products.

The notice is addressed to companies that trade in financial products involving digital assets. Not every token, cryptoasset, or blockchain service will require such a license. All corporations that need to obtain an Australian Financial Services License must lodge a new application or a variation of a license application by Sept. 30.

Additional requirements apply to firms seeking an Australian Market Licence or a Clearing and Settlement Facility Licence. These firms must inform ASIC in writing and conduct pre-application discussions before the deadline.

ASIC's Information Sheet 225 describes how current regulations could be applied to digital assets, with examples including stablecoins, wrapped tokens, custody services, and staking services. Firms are expected to identify the rights associated with each digital asset and cannot rely solely on its technological construction or nomenclature.

Bitcoin and other digital assets do not fall under the definition of financial products as single assets, but the products, arrangements, and financial services related to them may require licensing. Australian courts have already addressed this question: the High Court of Australia ruled 7 to 0 that Block Earner's fixed-yield product was a financial product and required a license.

Why Is ASIC Ending Temporary Relief on Oct. 1?

ASIC issued its sector-wide no-action position in December 2024 following industry consultations. The move gave eligible businesses additional time to assess the updated guidance and lodge license applications. The initial deadline was June 30, 2026, but the regulator later pushed it back three months to September 30. The arrangement was also extended to cover certain authorized representatives and intermediaries.

The no-action position, however, is not itself an authorization or an exemption from the licensing requirement. It sets out the circumstances under which ASIC will not seek enforcement action for compliance violations. Unlicensed crypto firms that continue offering financial services from October 1 may become subject to investigations, and ASIC has noted that both civil and criminal penalties could apply to breaches of the mandatory authorization requirement.

When Will Australia's New Crypto Framework Begin?

The Sept. 30 deadline relates to obligations already regulated under Australia's financial services law and is unrelated to the Corporations Amendment (Digital Assets Framework) Act 2026. That Act was passed by Parliament on April 1 and gained royal assent on April 8, with commencement planned for April 9, 2027.

The framework will introduce special rules for the operation of digital asset platforms and tokenized custody platforms, and businesses of those kinds will be licensed and regulated by ASIC. Existing authorizations will continue to apply under the new system. Some crypto companies that currently lack licenses may initially need to gain approval under existing laws before varying their licenses for new activities within the 2027 framework. The phased approach means firms navigating the September deadline will face a further transition period as the dedicated digital asset regime comes into force.

Source: Tron Weekly | ASIC announcement