Australia Warns Unlicensed Crypto Firms of Turnover-Based Fines

Australia is moving to bring crypto businesses more firmly within its existing financial-services regime. The Australian Securities and Investments Commission, or ASIC, requires companies dealing in regulated financial products or services to hold an Australian financial services licence. The approaching end of temporary relief is significant because firms that have relied on the transition period will no longer be able to postpone authorisation while continuing normal operations.

ASIC said affected crypto businesses must apply for a financial services licence by Sept. 30. From Oct. 1, firms that continue operating without authorisation could face civil and criminal liability, with maximum penalties reaching 10% of annual turnover. The deadline creates a sharp compliance test for the sector, forcing businesses covered by the licensing rules to submit applications or risk substantial sanctions for unlicensed activity.