The Australian Securities and Investments Commission (ASIC) has issued a formal warning to forex and digital asset service providers regarding an approaching mandatory licensing deadline, with non-compliance carrying potential civil and criminal penalties.
The Deadline
Companies offering financial services involving digital asset products — including crypto-backed FX instruments, stablecoins, and digital derivatives — must submit applications for an Australian Financial Services (AFS) licence or amendments to existing authorisations by June 30, 2026.
Entities requiring an Australian Market Licence or Clearing and Settlement facility licence must additionally notify ASIC in writing and hold a preliminary meeting by the same date.
Legislative Background
The Corporations Amendment (Digital Assets Framework) Act received Royal Assent on April 8, 2026, and becomes fully effective on April 9, 2027 — providing an 18-month implementation window. The legislation establishes a comprehensive licensing and supervision framework for digital asset platforms, with ASIC as the primary regulator.
Penalties for Non-Compliance
ASIC warned that firms failing to meet the June 30 deadline face "serious consequences," including fines of up to 10% of annual turnover under financial services laws, alongside criminal liability for directors and officers.
ASIC Statement
"Formal licensing arrangements strengthen investor protections and provide greater certainty to providers to operate under the law. We strongly encourage all affected entities to review their obligations and engage with us proactively."
— Australian Securities and Investments Commission
ASIC has published detailed guidance materials on its website, and affected firms are encouraged to seek legal advice regarding their specific circumstances.