Asked if it was effectively a life ban, Smith said: "There is no set period for when he can reapply for his license.
"Any person is allowed to reapply at some point and the Board will consider any application, but for today, Mr Chisora does not hold a Board licence. What happens in the future, I do not know."
Chisora's promoter Frank Warren said of the hearing in Cardiff: "I was happy with certain aspects of the hearing and unhappy with other aspects. The fact of the matter is slapping someone and spitting water was not an acceptable situation.
"We do not accept for one minute that what happened after the fight was Dereck's responsibility. He did not throw the first punch. We've proved that.
"I think some of the things that Dereck got involved in in the past have caused the board to make this decision.
Richard ConwayBBC Sport
The BBBoC has sent a clear message they consider Chisora's actions in Munich as wholly unacceptable, despite his repeated apologies. Chisora put in a battling performance in his defeat to Vitali Klitschko and should currently be plotting another shot at a world title. Instead, he's now labelled "not a fit and proper person" to hold a British boxing licence. Notoriety is one thing. Becoming a great champion is another. Chisora may now be forced to fight abroad if he's to accomplish the latter and, in so doing, rehabilitate his reputation with the British public and boxing authorities.
"We will now consider, over the next few days, what the situation is and then he'll decide whether he wants to appeal the decision or what he wants to do."
If the appeal fails, Chisora could reapply immediately for his licence but this would be likely to be rejected. He would then be forced to look abroad for a licence for any future fights.
Reacting to the ban, Chisora said: "Three letters - MGM, here I come."
That appeared to be a reference to the MGM Grand in Las Vegas, a regular venue for high-profile fights in the United States.
The Nevada State Athletic Commission would have to decide whether to grant Chisora a licence to fight should a bout be arranged there.
In a statement, Smith also said: "The British Boxing Board of Control deplore what occurred at the weigh-in, in the ring before the contest commenced and at the post-contest press conference.
"Such behaviour brought the sport of boxing, the BBBofC and all licence holders into disrepute.
Dereck Chisora in bloody brawl with David Haye
"Dereck Chisora, on his own admission, did not behave in a manner consistent with that of a professional boxer and let down not only himself and his family but also all those licence holders who behave in a professional manner."
Former world heavyweight champion Haye, who announced his retirement in October, does not currently hold a licence and so cannot be punished by the BBBofC.
This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.