ASIC Warns Unlicensed Crypto Firms Face Fines of Up to 10% of Annual Turnover

Odaily News: The Australian Securities and Investments Commission (ASIC) has stated that crypto firms relying on temporary regulatory relief must apply for an Australian Financial Services License by September 30, or apply to vary their existing license. Those that fail to do so in time may face fines of up to 10% of their annual turnover.

ASIC noted that firms requiring a market license or clearing and settlement facility license must also notify the regulator and attend a pre-application meeting. From October 1, firms that do not meet the conditions of ASIC's "no-action" position but still require authorization may be in breach of financial services laws and face civil and criminal penalties.

ASIC disclosed that it has recorded more than 45 digital asset-related license applications since updating its guidance in October 2025. On June 25, ASIC extended the temporary regulatory relief period from June 30 to September 30, and broadened its scope of application. (Cointelegraph)