Swyftx Eyes Crypto Payments After Securing Australian License

Founded in 2019, Swyftx serves more than 1 million customers across Australia, New Zealand and the United States and has primarily focused on spot crypto trading. Australia's Digital Asset Framework will take effect on April 9, 2027, requiring most platforms to hold an Australian Financial Services Licence, or AFSL. Securing a license in advance is therefore crucial to the company's ability to become a regulated financial services provider.

Swyftx said on July 7, 2026, that the Australian Securities and Investments Commission had granted it AFSL 568543, allowing it to offer non-cash payment facilities, retail derivatives and basic deposit products, though the license does not cover spot trading. Australia will abolish surcharges on cards including Visa and Mastercard from October 1, a move estimated to save A$1.6 billion a year. Swyftx plans to use cryptocurrencies and stablecoins to enter the lower-cost payments market.