ASIC: Crypto firms must apply for license by Sept 30 or face 10% revenue fines

This deadline converts regulatory ambiguity into a hard compliance cliff, forcing crypto firms to either formalize under existing financial services law or exit. The 10% revenue penalty is a credible enforcement lever, signaling that ASIC is moving from guidance to action. The high number of applications already filed suggests the industry is largely engaging, but the real test is whether firms with complex token models can fit legacy license categories. Watch for how ASIC treats those that miss the date, and whether the pre-application meetings reveal a strict or pragmatic interpretation of digital asset classifications.