Swyftx Secures License for Crypto Payments Amid Australian Regulatory Shifts

Australia-based cryptocurrency exchange Swyftx has secured an Australian Financial Services License (AFSL), which allows it to offer derivative products and non-cash payment facilities. This move enables the company to expand its services beyond just spot trading, with a focus on crypto payments and stablecoins.

Swyftx interim co-CEO Andrea Yuen stated that they see opportunities in the payments space following changes to credit card surcharging rules in Australia. From October 1, businesses will no longer be able to add surcharges to Visa and Mastercard debit and credit card payments, which could lead to increased costs for merchants.

Crypto and stablecoins offer an alternative to traditional payment methods, allowing merchants to reduce transaction costs. Swyftx is looking to capitalize on this opportunity by pitching its services as a cheaper and more efficient option.