ASIC has released its latest report to update Australian financial services (AFS) and credit licensees and prospective applicants on the current licensing regime and upcoming reforms.  

Report 825 Licensing and professional registration activities: 2025 update (REP 825) highlights new licensing application systems and processes that support simpler and better regulation and provides information on licensing and registration applications and activities from the 2024-25 financial year.

The report also includes current and emerging licensing issues in relation to regulation of digital (crypto) assets and the various proposed reforms to the AFS licensing regime. 

ASIC Commissioner Alan Kirkland said, ‘This year’s report provides essential information to assist AFS and credit licensees, service providers and prospective licence applicants.

‘Our licensing team plays an important role in assessing applications for licences and professional registration across the financial services and credit sectors.

‘Applications from digital asset operators are on the rise, underscoring the growing interest in the crypto sector. Following our recent update of Information Sheet 225 confirming that a range of digital assets are financial products, we expect to see more digital asset providers apply for an AFS licence.’

Between 1 July 2024 and 30 June 2025, ASIC: 

• received 1,531 licensing and registration applications 
• finalised 1,176 applications for new and varied AFS and credit licences 
• granted 290 new AFS licences and 104 new credit licences 
• approved 450 AFS and credit licence variation applications  
• registered 109 company auditors, 37 self-managed superannuation fund auditors and 27 liquidators
• decided on 77% of new AFS licence applications and 76% of AFS licence variation applications within 150 days, and
• cancelled or suspended 215 AFS licences and 253 credit licences.

Commissioner Kirkland said, ‘Earlier this year we launched a new digital AFS licensing portal, a modern, streamlined platform that makes applying for a license faster and easier. And we are not stopping there – planning is already underway to apply similar improvements to the credit licence application and assessment process. 

‘This is a practical example of ASIC’s commitment to regulatory simplification – making it easier for the individuals and entities we regulate to interact with us.’

ASIC is Australia’s corporate, markets and financial services regulator.