Australia is cracking down on crypto businesses as its strict new regulatory deadline nears

Australia’s financial regulator has warned crypto businesses relying on its no-action position that they have until Sept. 30 to meet its authorization conditions or risk fines and other penalties.

The Australian Securities and Investments Commission said firms can apply for or vary an Australian Financial Services license, or operate under or enter into authorized-representative or intermediary-authorization arrangements with an AFS license holder.

The relief also covers businesses operating under, or entering into, authorized representative or intermediary authorization arrangements with an AFS license holder.

Companies that need an Australian Market Licence or a Clearing and Settlement facility license must also notify ASIC and hold a pre-application meeting by Sept. 30.

From Oct. 1, businesses that require a license but have not met the conditions of ASIC’s temporary relief could be operating in breach of financial services law. Penalties can include fines of up to 10% of annual turnover, ASIC said.

The deadline marks another step in Australia’s push to bring crypto businesses under rules that already govern financial products and services.