Australia gives crypto firms until Sept. 30 to get licensed or risk enforcement

Australian crypto firms that need financial-services authorization have until Sept. 30 to enter a compliance pathway or risk enforcement.This week, the Australian Securities and Investments Commission (ASIC) said qualifying digital-asset businesses must apply for or vary a license, become an authorized representative, notify the regulator of an intended market-license application or begin winding down before the deadline.From Oct. 1, firms that require authorization but have not met the applicable conditions will lose the benefit of ASIC’s temporary no-action position. The regulator warned that breaches of financial-services law can carry civil and criminal penalties, including fines of up to 10% of annual turnover.However, this deadline does not apply uniformly across the crypto sector.Whether a business falls inside the regime depends on whether the digital asset or arrangement it offers qualifies as a financial product and what service the company provides. ASIC said that assessment turns on the rights, benefits, expectations and product features attached to each offering.That makes Sept. 30 less a blanket licensing cutoff and more a deadline for firms to establish where they si...