Woofun AI reports that Swyftx has secured an Australian Financial Services License (AFSL), a strategic milestone that positions the exchange to pivot toward the crypto payments space under the leadership of interim co-CEO Andrea Yuen.

The license was officially granted on Wednesday, placing Swyftx in an exclusive cohort alongside Coinbase, BTC Markets, and Crypto.com. This authorization permits the firm to offer derivative products, including crypto options and futures, to retail customers.

Additionally, the license grants non-cash payment facility authorization, enabling Swyftx to provide payment services to both business clients and retail users.

Notably, the current AFSL does not cover spot crypto trading, signaling a structural shift in the company’s operational focus.

A primary market catalyst for this pivot is the impending ban on credit card surcharges, effective Oct. 1. Under new regulations, Australian businesses will be prohibited from adding surcharges to Visa and Mastercard debit and credit card payments. This policy change forces merchants to absorb transaction costs, creating a demand for cheaper payment rails. Swyftx intends to position crypto and stablecoins as viable alternatives to mitigate these rising expenses. "Crypto payments and stablecoins offer an opportunity for merchants to reduce the transaction costs they might have to bear in future," Yuen stated, highlighting the economic incentive for adoption.

Beyond domestic regulatory shifts, Swyftx is pursuing an international expansion strategy. The company currently serves clients in New Zealand and the US. It had previously targeted the UK market, filing an application with the Financial Conduct Authority in March 2022. "Looking ahead, we want to use a well-regulated Australian market as a base to expand our presence overseas," Yuen explained, framing the Australian license as a foundational step for global growth.

Woofun AI reports that the regulatory landscape for crypto firms in Australia has tightened significantly. Companies holding an AFSL must now meet the same compliance duties as traditional finance entities. Previously, crypto exchanges only required anti-money laundering and know-your-customer policies.

However, legislation passed in April mandates that most crypto firms hold an AFSL by April 9, 2027. The Australian Securities and Investments Commission recently extended the grace period for applications to Sept. 30. Since October last year, ASIC has received approximately 30 license applications from crypto businesses. Only a few exchanges, including KuCoin, have successfully obtained the license thus far.

Adoption trends reflect a demographic shift in asset ownership. A survey by Independent Reserve indicates that 33% of Australians now own cryptocurrency, an increase from 31% in 2025. Independent Reserve CEO Adrian Przelozny attributes this growth to younger Australians facing economic realities where traditional wealth-building paths, particularly home ownership, are increasingly inaccessible. Consequently, many are turning to alternative assets with historically stronger returns. Bitcoin remains the dominant digital asset, held by 71% of survey respondents, underscoring its central role in this evolving investment landscape.