Australia Extends Crypto No-Action Relief by Three Months, Giving Unlicensed Firms Until Sept. 30

Australia’s financial regulator has extended enforcement relief for unlicensed cryptocurrency firms by three months.

The Australian Securities and Investments Commission said on June 26 it would extend the deadline for its temporary no-action relief for crypto businesses to Sept. 30 from June 30, according to Cointelegraph. The move gives crypto companies more time to secure licenses under Australia’s tightened regulatory regime.

The extension applies to crypto firms seeking an Australian Financial Services license, as well as companies that need authorization for clearing and settlement-related activities.

ASIC also expanded the scope of the temporary no-action relief to include crypto businesses operating through agency or intermediary arrangements with firms that already hold licenses.

The extension is separate from Australia’s digital asset framework, a standalone crypto regulatory bill that passed Parliament in April. The law will take effect in April next year.

Once the legislation takes effect, crypto platforms and related businesses will be formally brought into Australia’s financial system. ASIC has said even firms that already hold licenses may need additional approvals after the law comes into force.