Australian crypto exchange Swyftx says it will be seeking opportunities in the crypto payments space after securing a license from Australia’s market regulator.
Swyftx said on Wednesday that it received its Australian Financial Services License (AFSL), joining the likes of Coinbase, BTC Markets and Crypto.com. The license allows it to offer derivative products, such as crypto options or futures, to retail customers, as well as non-cash payment facility authorization, setting up the fintech to offer payment services to business and retail clients. It does not hold an AFSL to offer spot crypto.
“Swyftx won’t be a pure crypto spot exchange in future,” Swyftx interim co-CEO Andrea Yuen told Cointelegraph. “In particular, we see a lot of opportunity in the payments space following local changes to credit card surcharging.”
From Oct. 1, Australian businesses will be banned from adding surcharges to Visa and Mastercard debit and credit card payments, which could prompt businesses to look for cheaper payment rails as they are set to absorb the cost. Swyftx is looking to pitch crypto and stablecoins as an alternative.
“Crypto payments and stablecoins offer an opportunity for merchants to reduce the transaction costs they might have to bear in future,” added Yuen.
Meanwhile, Swyftx said it is also looking at opportunities overseas. The company serves clients in New Zealand and the US, and had previously eyed expanding to the UK, filing an application with the Financial Conduct Authority in March 2022.
“Looking ahead, we want to use a well-regulated Australian market as a base to expand our presence overseas,” said Yuen.
AFSL requirements take effect in 2027
Crypto companies with an AFSL need to meet the same compliance duties as other finance companies. Crypto exchanges previously only needed to have anti-money laundering and know-your-customer policies in place, but legislation passed in April requires most crypto firms to hold an AFSL from April 9, 2027.
“It’s an enormous responsibility to be a regulated financial service,” said Yuen.
Only a small number of crypto exchanges have so far obtained AFSLs, including Coinbase, BTC Markets, Crypto.com and KuCoin.
It comes as the Australian Securities and Investments Commission recently extended the grace period for crypto firms to apply for an AFSL to Sept. 30. ASIC said it has received around 30 license applications from crypto businesses since October last year.
Related: Australia’s crypto travel rule is coming into effect: Here’s what’s changing
Australian crypto ownership rises
A survey from Australian crypto exchange Independent Reserve suggested that 33% of Australians now own cryptocurrency, up from 31% in 2025.
“Younger Australians are confronting an economic reality where traditional wealth-building paths, particularly home ownership, feel increasingly out of reach,” Independent Reserve CEO Adrian Przelozny said.
“As a result, many are exploring alternative assets that have historically delivered stronger returns than traditional portfolios, and cryptocurrency has naturally become an option.”
Bitcoin remains the dominant digital asset, which was held by 71% of survey respondents.
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