The Australian Securities and Investments Commission (ASIC) just put crypto companies on notice: if you’re operating in Australia without a proper license, you could be hit with fines of up to 10% of your annual revenue. This warning comes as the regulator’s temporary enforcement relief is set to expire on September 30. With the deadline looming, ASIC says it’s already received over 45 license applications from digital asset firms across the country.

What ASIC Announced

The regulator made it crystal clear: companies running crypto services without a license are staring down hefty penalties—up to 10% of their yearly turnover. The countdown is on as the grace period, which gave some breathing room for firms to get compliant, is about to end. Many players have been scrambling to align their operations with the new requirements before the clock runs out.

How the Market Is Reacting

ASIC reports that more than 45 applications for digital asset licenses have already landed on their desk. This surge shows companies are hustling to get their paperwork in before the relief period wraps up, hoping to dodge regulatory headaches and major financial hits.

What Crypto Companies Need to Know

If you’re offering products or services tied to digital assets in Australia, now’s the time to figure out if you need a license and get your docs sorted before the transition period ends. Skipping the paperwork could leave you wide open to serious penalties from the regulator.