Australia warns unlicensed crypto firms of fines up to 10% of annual turnover

ASIC has recorded more than 45 digital asset-related license applications as its temporary enforcement relief approaches Sept. 30 expiration.

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

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

Starting Oct. 1, 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. The regulator said they may face civil and criminal penalties. 

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