Providers of financial services involving digital asset financial products should act quickly to decide whether they require an Australian Financial Services (AFS) licence (or variation to their existing AFS licence) and apply by 30 June 2026, before the no-action position of the Australian Securities and Investments Commission (ASIC) expires.

Firms who need a licence or a variation to their existing authorisations, but do not apply by 30 June 2026, risk being in breach of financial services laws. Unlicensed conduct carries serious civil and criminal penalties under law, including significant fines that could reach up to 10% of annual turnover.

Businesses that require an Australian Market Licence or Clearing and Settlement (CS) facility licence must notify ASIC in writing of their intention to apply and hold a pre-meeting with ASIC by 30 June 2026.

Licensing firms improves investor protections and provides greater certainty to providers to operate under the law.

The Corporations Amendment (Digital Assets Framework) Act 2026 (DAF Act) passed Parliament on 1 April 2026, received Royal Assent on 8 April 2026, and will commence on 9 April 2027. The DAF Act provides for an 18-month implementation timeline.

Under the new regime, ASIC is tasked with licensing and supervising digital asset platforms (DAPs), and with enforcing the law as required.