Australian crypto firms face fines of up to 10% of revenue without license filing by Sept. 30

Australian crypto firms operating under a temporary regulatory reprieve could face penalties including fines of up to 10% of annual revenue if they do not apply for a financial services license by Sept. 30, Cointelegraph reported. Australia’s Securities and Investments Commission, or ASIC, required businesses that need a license to submit a new application or amend an existing license by the deadline. From Oct. 1, firms that continue operating without meeting the relevant requirements could face civil and criminal penalties for violating financial services law. ASIC said it has received more than 45 digital asset-related license applications since revising the guidance in October last year. Separately from the end of the reprieve, digital asset rules will take effect on April 9 next year.