Swyftx Secures Financial Services Licence, Paving the Way for Expanded Payments Offering

• ASIC has granted Swyftx an Australian Financial Services Licence with a non-cash payment facility, retail derivatives and basic deposit product authorisations.
• The Brisbane and Melbourne-based brokerage serves more than one million clients across Australia, New Zealand and the United States.
• Australia’s Digital Assets Framework laws, passed in April, will require digital asset platforms to hold an AFSL when the new regime commences in April 2027.

Australian crypto brokerage Swyftx has been granted an Australian Financial Services Licence by corporate regulator ASIC, with a non-cash payment facility authorisation that positions the company to offer payment services to retail and business customers.

Swyftx announced the licence on July 7. It covers retail derivatives, basic deposit products and non-cash payment facilities, and the company said the payments authorisation opens the way for payment products for business and retail clients in the future. 

Non-cash payment facilities cover arrangements that let customers make payments without using physical cash.

Swyftx Interim Co-CEO Andrea Yuen stated: “It’s an enormous responsibility to be a regulated financial service and we’ll continue to work non-stop to offer products that improve the lives of everyone who uses Swyftx.”

Related: Bitcoin ETFs Snap 10-Day Bleeding Streak With Biggest Inflow in Two Months

A Licence Ahead of the 2027 Deadline

Australia’s Corporations Amendment (Digital Assets Framework) Bill passed Parliament on April 1 and received Royal Assent on April 8, extending the AFSL regime to digital asset platforms for the first time. The framework commences on April 9, 2027, with a six-month transition period for platforms that have lodged licence applications with ASIC.

Swyftx has secured its licence about nine months before the regime commences, under legislation that created the country’s first dedicated licensing framework for digital asset platforms.

“Looking ahead, we want to use a well-regulated Australian market as a base to expand our presence overseas and become the Web3 provider of choice for both domestic retail and business clients,” Yuen said.

The Swyftx Group was founded in Brisbane in 2019 by Alex Harper and Angus Goldman and now counts more than one million clients across Australia, New Zealand and the United States, making it one of the country’s largest digital asset brokerages.

The company acquired Easy Crypto, New Zealand’s largest digital currency brokerage, last year. It also purchased Caleb & Brown, a boutique crypto brokerage and asset manager that supports tens of thousands of high-net-worth clients across the United States and Australia. 

The two deals extended the group’s operations beyond its home market into New Zealand and the United States.

Blockchain technology offers the opportunity for significant productivity advantages in the local economy. We’re proud that Australian businesses like Swyftx are supporting access to a new technology.

Swyftx Interim Co-CEO Andrea Yuen

Read more Farage’s Undisclosed Benefactor: Convicted Fraudster Tied to Crypto Gambling Site

The post Swyftx Secures Financial Services Licence, Paving the Way for Expanded Payments Offering appeared first on Crypto News Australia.