Australian crypto exchange Swyftx just got its Australian Financial Services License (AFSL). Now it’s eyeing the payments space. “Swyftx won’t be a pure crypto spot exchange in future,” interim co-CEO Andrea Yuen told Cointelegraph.
The license lets Swyftx offer derivatives — crypto options, futures — to retail customers. It also authorizes non-cash payment services. That’s the part they’re excited about.
Why now? Starting October 1, Australian businesses can’t add surcharges to Visa and Mastercard payments anymore. Merchants will have to absorb those costs. Swyftx wants to pitch crypto and stablecoins as a cheaper alternative. “Crypto payments and stablecoins offer an opportunity for merchants to reduce the transaction costs they might have to bear in future,” Yuen said.
Swyftx joins Coinbase, BTC Markets, Crypto.com, and KuCoin as AFSL holders. The license requirement becomes mandatory for most crypto firms in April 2027 under legislation passed earlier this year. ASIC has already received about 30 license applications since October.
Swyftx is also looking overseas. They serve clients in New Zealand and the US already. A UK expansion application was filed back in March 2022. “We want to use a well-regulated Australian market as a base to expand our presence overseas,” Yuen added.
Meanwhile, a survey from Independent Reserve shows 33% of Australians now own crypto, up from 31% in 2025. Bitcoin remains dominant, held by 71% of respondents. The CEO cited young Australians finding traditional wealth paths “increasingly out of reach” as a driver.
