Australian crypto brokerage Swyftx announced on July 7 that ASIC has granted it an Australian Financial Services Licence with authorizations for non-cash payment facilities, retail derivatives, and basic deposit products. The payment facility authorization positions the Brisbane and Melbourne-based company to offer payment services to retail and business customers in the future. The licence was secured approximately nine months before Australia's Digital Assets Framework commences on April 9, 2027, which will require all digital asset platforms to hold an AFSL. The framework legislation passed Parliament on April 1 and received Royal Assent on April 8, extending the AFSL regime to digital asset platforms for the first time. Swyftx serves more than one million clients across Australia, New Zealand, and the United States.
ASIC Grants Swyftx AFSL With Payment Facility Authorization
ASIC granted Swyftx an Australian Financial Services Licence covering retail derivatives, basic deposit products, and non-cash payment facilities. 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."
Australia's Digital Assets Framework Sets April 2027 Licensing Deadline
Australia's Corporations Amendment (Digital Assets Framework) Bill passed Parliament on April 1 and received Royal Assent on April 8. The framework commences on April 9, 2027, with a six-month transition period for platforms that have lodged licence applications with ASIC. The legislation created the country's first dedicated licensing framework for digital asset platforms. Yuen said: "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."
Swyftx Expands to New Zealand and United States Through Acquisitions
The Swyftx Group was founded in Brisbane in 2019 by Alex Harper and Angus Goldman. 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. Yuen stated: "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."
FAQ
What licence did Swyftx receive from ASIC on July 7?
Swyftx received an Australian Financial Services Licence with authorizations for non-cash payment facilities, retail derivatives, and basic deposit products. The payment facility authorization positions the company to offer payment services to retail and business customers.
When does Australia's Digital Assets Framework require platforms to hold an AFSL?
The framework commences on April 9, 2027, requiring all digital asset platforms to hold an Australian Financial Services Licence. The legislation passed Parliament on April 1 and received Royal Assent on April 8.
How many clients does Swyftx serve across its markets?
Swyftx serves more than one million clients across Australia, New Zealand, and the United States. The company was founded in Brisbane in 2019 and expanded through acquisitions of Easy Crypto and Caleb & Brown.
