BTC Markets Moves to Secure ASIC Licence for Tokenised Real‑World Asset Trading
Australian exchange BTC Markets has formally notified the Australian Securities and Investments Commission (ASIC) of its intention to apply for a markets licence that would allow it to list and trade tokenised equities, bonds and other real‑world assets (RWAs) on its platform.
A strategic push into regulated tokenised assets
BTC Markets CEO Lucas Dobbins told Cointelegraph that the company’s roadmap now includes building a “licensing infrastructure” capable of bringing tokenised assets to retail and institutional investors in a fully regulated environment. Dobbins described a future where traditional securities and physical assets coexist with cryptocurrencies, with markets operating 24/7 and settlements occurring instantly.
The exchange’s announcement arrives at a time when the on‑chain value of tokenised assets has topped US $26 billion – a figure that industry analysts view as a proof‑of‑concept rather than a ceiling. Forecasts vary widely, with some projecting a market size of roughly US $2 trillion by 2030, while others, such as the Boston Consulting Group, see a “best‑case” opportunity of up to US $16 trillion.
“Institutions such as BlackRock, Goldman Sachs and JPMorgan are already rolling out real tokenised products,” Dobbins said, underscoring the shift from speculative pilots to mainstream finance.
Global momentum behind tokenisation
BTC Markets is not the first exchange to venture into regulated tokenised securities. In 2025, Kraken launched xStocks, a platform for tokenised stock trading, and later introduced xChange, an on‑chain engine that supports Ethereum and Solana assets. Robinhood followed suit with a tokenised stock service for European markets the same year.
Traditional market operators are also entering the fray. Intercontinental Exchange – the parent of the New York Stock Exchange – announced plans to develop a blockchain‑based platform for tokenised stocks and ETFs, while Nasdaq has floated the idea of integrating tokenised versions of securities into its existing infrastructure. In December, Coinbase signalled its intention to create Coinbase Tokenize, an institutional suite for issuing and managing tokenised RWAs.
The convergence of crypto exchanges and legacy financial institutions suggests that tokenisation is moving from niche innovation to a competitive battleground for market share.
Australian market outlook
Domestic research by the Digital Finance Cooperative Research Centre indicates that tokenised markets could contribute roughly AUD 24 billion (about US $16.8 billion) annually to the Australian economy – roughly 1 % of the nation’s GDP. Dobbins estimates that, given the current trajectory, Australia might capture only about AUD 1 billion of that value by 2030, highlighting a sizable upside that will depend on the availability of regulated market infrastructure.
Australia’s regulatory clarity, deep capital markets and one of the world’s largest pension pools are seen as structural advantages that could accelerate adoption. Early use cases are likely to emerge in private‑market investments, infrastructure financing and fund distribution, where tokenisation can streamline processes and broaden investor access.
On‑chain RWA activity remains robust
Despite the broader cryptocurrency bear market, the total value locked (TVL) in tokenised RWAs has continued to climb, reaching an all‑time high of approximately US $26.5 billion according to data from RWA.xyz. Ethereum presently hosts the majority share of this ecosystem, accounting for more than half of the total TVL when layer‑2 and other EVM‑compatible networks are excluded.
Analysis
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Regulatory positioning as a differentiator – By seeking an ASIC market licence, BTC Markets positions itself to attract institutional capital that demands compliance and investor protection. This could give it an edge over unlicensed competitors and align the exchange with global peers like Kraken and Robinhood, which have already secured regulatory approvals in their jurisdictions.
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Market timing – The global tokenisation push appears to be reaching a tipping point. With major banks and exchanges launching products, early adopters that secure the necessary licences stand to capture a share of a rapidly expanding market.
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Australian growth potential – The domestic economic impact estimates suggest a sizeable untapped opportunity. However, capturing more than the projected AUD 1 billion by 2030 will require coordinated efforts among regulators, market participants and technology providers to build scalable, secure trading and settlement frameworks.
- Technology considerations – The dominance of Ethereum in the RWA space underscores the need for robust, low‑cost, and high‑throughput solutions. BTC Markets may need to integrate or develop multi‑chain capabilities to remain competitive, especially as other platforms explore Solana, Polygon and emerging layer‑2 solutions.
Key Takeaways
- BTC Markets has formally notified ASIC of its intent to apply for a markets licence to list tokenised real‑world assets.
- The exchange aims to create a regulated environment where tokenised equities, bonds and other assets trade alongside crypto, with continuous markets and instant settlement.
- Global tokenised asset TVL sits at ~US $26 billion, with forecasts ranging from US $2 trillion to US $16 trillion by 2030.
- Major exchanges (Kraken, Robinhood) and traditional venues (NYSE, Nasdaq, Coinbase) are already rolling out tokenised securities products.
- Australian research projects annual economic gains of AUD 24 billion from tokenised markets; BTC Markets hopes to capture a fraction of this by 2030.
- Early adoption in Australia is expected in private markets, infrastructure investment and fund distribution, leveraging the country’s strong regulatory and capital market framework.
As the regulatory landscape clarifies and infrastructure matures, BTC Markets’ licensing effort could place it at the forefront of Australia’s tokenised finance wave, while the broader industry continues to watch how traditional finance and crypto intersect in the next generation of securities trading.
Source: https://cointelegraph.com/news/btc-markets-eyes-markets-license-tokenization-play-joining-peers?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
