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Swyftx has secured an Australian Financial Services License, giving the crypto brokerage a path to build payment services, retail derivatives and other regulated financial products.
The approval gives the Brisbane- and Melbourne-based company a broader regulatory base as Australia moves digital asset platforms closer to the financial services licensing regime.
AFSL Covers Payments, Derivatives and Deposits
The license was granted by the Australian Securities and Investments Commission. Swyftx said the approval includes authorizations for a non-cash payment facility, retail derivatives and basic deposit products.
The company said that gives it a framework to develop payment services for retail and business clients.
Swyftx’s spot crypto exchange services are not covered by the AFSL. The company remains registered with AUSTRAC as a digital currency exchange provider for anti-money laundering and counter-terrorism financing compliance.
Yuen Points to Stablecoins Before Surcharge Ban
Interim co-CEO Andrea Yuen said Swyftx does not plan to remain only a crypto spot exchange. She pointed to crypto payments and stablecoins as areas of opportunity as Australian businesses prepare for changes to card payment costs.
From October 1, businesses in Australia will be banned from adding surcharges to Visa and Mastercard debit and credit card payments. Swyftx is positioning crypto payments and stablecoins as possible lower-cost options for merchants.
License Lands Before April 2027 Rules
Australia is preparing to bring more crypto platforms under its financial services licensing framework. Legislation passed in April will require many crypto firms to hold an AFSL from April 9, 2027.
ASIC has also extended the grace period for crypto firms to apply for a license to September 30. Swyftx said it serves more than one million clients across Australia, New Zealand and the United States.
It has also expanded through acquisitions, including Easy Crypto in New Zealand and Caleb & Brown. The next step is whether Swyftx launches payment or stablecoin products under the new approvals.
