ASIC Crypto License Applications Pass 45 Before September Deadline

The Australian Securities and Investments Commission (ASIC) recorded more than 45 applications tied to digital-asset services, it said today (Wednesday). The count has increased by roughly half since ASIC extended its transitional licensing relief.

Businesses relying on the regulator's no-action position have until September 30 to apply for or vary an Australian financial services license.

From October 1, firms that need authorization but have not met the relief conditions risk civil and criminal penalties. Fines can reach 10% of annual turnover.

Brokers and other intermediaries must assess each product and service separately. Filing an application can preserve ASIC's temporary enforcement position for eligible activity, but the relief does not cover every type of crypto product.

Application Count Rises by Roughly Half

ASIC reported approximately 30 applications on June 25, when it extended the cutoff by three months. The latest total implies that the pipeline added about 15 filings in a little over two months.

ASIC said it has recorded the applications since the updated guidance took effect in October 2025. The notice does not say how many were lodged after June 25, so the increase is inferred from the two published totals.

The regulator did not divide the applications between new licenses and variations to existing permissions. It also did not disclose how many came from distinct businesses, how many had been accepted as complete or how many had reached a decision.

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That makes the figure different from a platform count. About 10% of roughly 400 Australian crypto platforms held an ASIC license as of April, according to an FM Intelligence review of overlapping Asia-Pacific deadlines.

The applications follow ASIC's October 2025 rewrite of Information Sheet 225. The guidance explains how existing financial-services law can apply to stablecoins, wrapped tokens, tokenized securities, wallets and other arrangements, depending on their features.

FinanceMagnates.com covered the expanded interpretation when ASIC finalized the guidance. The current licensing exercise applies under existing law, before Australia's dedicated digital-asset framework starts.

Temporary Protection Stops at Licensing Breaches

A no-action position is not an exemption from the law. ASIC's class letter says it does not prevent third parties from taking action and does not protect misconduct outside the specified licensing breaches.

The relief also excludes crypto lending and earn products. Non-cash payment facilities other than stablecoins are outside its scope, as are digital-asset derivatives other than wrapped tokens.

That last exclusion matters to CFD providers. ASIC said during its earlier consultation that the industry already had greater certainty about how financial-services law applies to derivatives, including contracts for difference referencing digital assets.

Businesses needing an Australian market license or a clearing and settlement facility license face a different procedural condition. They must notify ASIC in writing and hold a pre-application meeting by September 30.

The extension also covers qualifying businesses operating as authorized representatives or through intermediary authorization arrangements. Zerocap uses the authorized-representative route, while its spot crypto services remain outside ASIC regulation, according to the company's disclosures.

New Platform Regime Starts in April 2027

The Corporations Amendment (Digital Assets Framework) Act 2026 takes effect on April 9, 2027. It creates regulated categories for digital asset platforms and tokenized custody platforms, while many permissions required under the current law will continue to apply.

Some firms have already secured narrower permissions. Hong Kong-based prime broker LTP received an Australian license for wholesale business in June. Its permissions cover securities, managed investment schemes and deposit and payment products.

ASIC plans further standards and guidance before the new framework begins. Its latest work program also cut the target for completing 80% of routine financial-services and credit-license applications to 120 days from 150 days for complete filings received from July 1.

Complex applications are excluded from that processing target.

This article was written by Damian Chmiel at www.financemagnates.com.