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Swyftx eyes crypto payments after securing Australian license
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Australian crypto exchange Swyftx has secured an Australian Financial Services License (AFSL), positioning itself to offer payment services and derivative products. The company announced on Wednesday that the license, granted by the Australian Securities and Investments Commission (ASIC), allows it to provide non-cash payment facilities and crypto derivatives such as options and futures to retail customers. However, Swyftx does not hold an AFSL for spot crypto trading.
Swyftx joins a select group of crypto exchanges with AFSLs, including Coinbase, BTC Markets, and Crypto.com. The license enables Swyftx to expand beyond its core spot exchange business. Interim co-CEO Andrea Yuen stated that the company "won't be a pure crypto spot exchange in future," highlighting significant opportunities in the payments sector following recent regulatory changes.
From October 1, Australian businesses will be banned from adding surcharges on Visa and Mastercard payments. This change could drive merchants to seek cheaper payment alternatives, such as crypto and stablecoins. Yuen noted that crypto payments offer a way for merchants to reduce transaction costs they may otherwise have to absorb.
Swyftx is also exploring international expansion, serving clients in New Zealand and the US. The company previously applied to the UK's Financial Conduct Authority in March 2022. Yuen emphasized using Australia's well-regulated market as a base for global growth.
The AFSL requirements for crypto firms will fully take effect by April 2027, with a grace period for applications ending September 30. ASIC has received around 30 license applications since October last year. Obtaining an AFSL imposes significant compliance duties, similar to traditional financial companies.
Meanwhile, Australian crypto ownership is rising. A survey by Independent Reserve found that 33% of Australians now own cryptocurrency, up from 31% in 2025. Independent Reserve CEO Adrian Przelozny attributed this to younger Australians seeking alternative assets amid economic challenges. Bitcoin remains dominant, held by 71% of respondents.
Swyftx's move into payments could reshape its business model and offer new services to merchants. The company's strategy reflects broader trends in the crypto industry as regulation matures. With increasing adoption and regulatory clarity, the Australian crypto market appears poised for further growth.
