Australian Crypto Firms Face 10% Annual Turnover Fines for No-License Status

Australian crypto companies relying on temporary regulatory relief have until September 30 to apply for a financial services license or face penalties, including fines reaching up to 10% of their annual turnover.

The Australian Securities and Investments Commission (ASIC) warned businesses that they must apply for an Australian Financial Services license or seek changes to an existing license before the deadline. Firms requiring market or clearing and settlement licenses also need to notify the regulator and hold a pre-application meeting.

Companies that require authorization but have not met the conditions of ASIC's no-action position could be operating in breach of financial services law, potentially facing civil and criminal penalties starting October 1.