Australia Sets Deadline for Crypto Firms to Obtain Financial Services License
- Australian crypto companies must apply for a financial services license by September 30 or face fines up to 10% of their annual turnover.
- The Australian Securities and Investments Commission (ASIC) reported over 45 digital asset-related license applications since updating guidance in October.
- Firms requiring market or clearing licenses must notify ASIC and hold a pre-application meeting before the deadline.
- Failure to comply after October 1 may lead to civil and criminal penalties under financial services law.
- ASIC had previously extended the relief period from June 30 to September 30, expanding it for authorized representatives of licensed firms.
This deadline emphasizes the urgency for crypto businesses in Australia to align with regulatory requirements, especially as ASIC prepares to end temporary enforcement relief. The shift is crucial as non-compliance could result in significant legal repercussions.
With more than 45 applications already submitted, the pressure mounts on unlicensed firms facing potential fines starting October 1.
