Swyftx Acquires License for Crypto Payments: New Step in Financial Diversity

The Australian crypto exchange Swyftx has recently obtained a license from the Australian financial regulator, enabling them to explore opportunities within the domain of crypto payments. With the granting of the Australian Financial Services License (AFSL), Swyftx joins a select group including Coinbase, BTC Markets, and Crypto.com. This license allows them to offer derivative products, such as crypto options and futures, to retail customers, as well as authorization for non-cash payment facilities, enabling them to offer payment services to both business and retail clients. It is important to note that Swyftx does not hold an AFSL for trading spot crypto.

As of October 1st, Australian companies will be prohibited from charging surcharges on Visa and Mastercard payments, which may prompt them to explore cheaper payment options, as they will have to bear the costs themselves. Swyftx sees this as an opportunity to offer crypto and stablecoins as an attractive alternative. “Crypto payments and stablecoins give merchants the opportunity to reduce the transaction costs they may have to bear in the future,” added Yuen.

In addition, Swyftx is also focusing on opportunities abroad. The company already serves clients in New Zealand and the US, and previously set its sights on expanding into the UK, where an application was filed with the Financial Conduct Authority in March 2022. “Looking to the future, we want to use the well-regulated Australian market as a base for our international expansion,” says Yuen.

Crypto companies that possess an AFSL must meet the same compliance requirements as regular financial institutions. Previously, crypto exchanges only needed anti-money laundering and know-your-customer policies, but legislation passed in April requires most crypto companies to possess an AFSL as of April 9, 2027. “It is a huge responsibility to offer a regulated financial service,” says Yuen.

To date, only a few crypto exchanges have obtained an AFSL, including Coinbase, BTC Markets, Crypto.com, and KuCoin. This is taking place in a context in which the Australian regulator, the Australian Securities and Investments Commission (ASIC), recently extended the progress deadline for crypto companies to apply for an AFSL until September 30. Since October of last year, ASIC has received approximately thirty license applications from crypto companies.

A survey by the Australian crypto exchange Independent Reserve shows that 33% of Australians now own cryptocurrency, an increase from 31% in 2025. “Younger Australians are facing an economic reality in which traditional wealth accumulation, particularly through home ownership, seems increasingly unattainable,” says Adrian Przelozny, CEO of Independent Reserve. “Many people are exploring alternative assets that have historically yielded stronger returns than traditional portfolios, and cryptocurrency is a logical option in this regard.” Bitcoin remains the dominant digital asset, with 71% of respondents indicating they own this currency.

Frequently Asked Questions

What does the AFSL license mean for Swyftx?
The AFSL license enables Swyftx to offer derivative products and facilitate payments, giving them a competitive advantage in the growing market for crypto payments.

How are companies reacting to the new rules regarding surcharges for card payments?
Companies in Australia are encouraged to consider cheaper alternatives, such as crypto payments, to mitigate the impact of these regulations.

Why is there a rising interest in cryptocurrency among Australians?
Many younger Australians feel the pressure of the current economic situation and are seeking alternative investment opportunities, with cryptocurrency standing out due to its potential for high returns.