ASIC Sets Deadline for Crypto Firms to Meet Regulatory Framework

Australia's financial regulator, ASIC, is cracking down on crypto businesses as its strict new regulatory deadline nears. Firms must meet authorization conditions or risk fines and penalties.

The Australian Securities and Investments Commission has warned companies that they have until September 30 to apply for an Australian Financial Services license or operate under authorized representative arrangements with an AFS license holder.

Companies that need an Australian Market Licence or a Clearing and Settlement facility license must also notify ASIC and hold a pre-application meeting by September 30. Those who fail to meet the conditions could be operating in breach of financial services law from October 1.

Penalties can include fines of up to 10% of annual turnover, according to ASIC.