Swyftx Eyes Crypto Payments After Securing Australian License

Australian crypto exchange Swyftx has secured a license from the country's market regulator, allowing it to offer payment services. The company's interim co-CEO, Andrea Yuen, stated that Swyftx will not be a pure crypto spot exchange in the future and sees significant opportunities in the payments space, particularly following local changes to credit card surcharging. As of October 1, Australian businesses will be banned from adding surcharges to Visa and Mastercard debit and credit card payments, which could prompt businesses to seek cheaper payment rails. Swyftx aims to position crypto and stablecoins as an alternative, offering lower transaction costs. The company is also looking to expand its presence overseas, currently serving clients in New Zealand and the US, with previous plans to expand to the UK. Crypto companies with an Australian Financial Services License (AFSL) must meet the same compliance duties as other finance companies, including anti-money laundering and know-your-customer policies. The move is part of Australia's efforts to regulate and oversee the crypto industry, with only a small number of crypto exchanges having obtained AFSLs so far.