New rules give more digital asset users access to AFCA
AFCA
More consumers who use digital assets such as cryptocurrency, wrapped tokens, stablecoins, tokenised securities and digital asset wallets can now access the Australian Financial Complaints Authority (AFCA)’s free and independent service.
This follows ASIC’s clarification about when a digital asset is considered a financial product. If a business provides services involving financial products, it generally needs to hold an AFSL and be a member of AFCA.
The new requirements are set out in ASIC’s Information Sheet 225 (INFO 225).
Until recently, there was some uncertainty about which digital assets were regulated as a financial product under the Corporations Act, which meant digital asset companies were not required to be members of AFCA.
While some companies chose to join AFCA voluntarily, membership was not mandatory, so many consumers had no access to AFCA if something went wrong.
Consumers using these products can now bring disputes to AFCA if they are unable to resolve them directly with their provider, if the firm is an AFCA member.
“This requirement gives consumers a clear pathway to complain if they are using these products and something goes wrong,” AFCA’s Lead Ombudsman for Investments and Advice Shail Singh said.
“Digital assets are increasingly part of the way people manage and move money, so it’s important consumers have access to independent dispute resolution service if they need it,” he said.
“AFCA has handled more than 1,000 complaints about digital assets over the past six years so we have experience dealing with the types of issues that can arise in this sector.”
Consumers can use AFCA's find a financial firm tool to check whether a digital asset platform is an AFCA member.
Organisations providing digital asset services that are AFCA members include:
- Web3 Ventures Pty Ltd
- Tiiik Pty Ltd (trading as Stables Money)
- AUDC Pty Ltd
- Swyftx Pty Ltd
- Bit Trade Pty Limited (Kraken Exchange)
- Damisa Technologies Pty Ltd
- TAU Pty Ltd (AUDX Token)
- Beaufort Fiduciaries Pty Ltd
- Pepperstone Digital Pty Ltd (trading as Pepperstone Crypto)
- HBGL Pty Ltd
- Elbaite Pty Limited
- Tazapay Pty Ltd
- CoinJar Australia Pty Ltd
- Cloudtechx Pty Ltd (trading as CobWeb Pay)
- Stormrake Pty Ltd
- Pay It Now AUS Pty Ltd
- PAYBTC Pty Ltd
- Coinbase Australia Pty Ltd
- BTC Markets Pty Ltd
- Ontoro Pty Ltd
- Investbybit Pty Ltd (trading as Binance Australia)
- Digitex Corp Pty Ltd
- Gate Information Pty Ltd
- Web3StartUps Pty Ltd
- MoonPay Aus Pty Ltd
- Independent Reserve Pty Limited (trading as Bitcoin.com.au)
- Cointree Pty. Ltd.
- Peer TC Pty Ltd (trading as Nex Capital)
- Canvas Digital Pty Ltd
- Nexo Australia Pty Ltd
- TWMT Pty Ltd (trading as Cointash Au)
- Digital Surge Pty Ltd
- Amotius Operations Pty Ltd
- FinconnectX Pty Ltd
- ByTeatlas Pty Ltd (trading as Coinbyte)
- Osl Au Pty Ltd
- Layer 8 Networks Pty Ltd (trading as CF Preferred)
- Digital Axi Pty Ltd
- Legger Pty Ltd
- Webull Pay (Australia) Pty Ltd
- Swapped APS
- 1064x Pty Ltd
- Indexer Pty Ltd
- Trek Labs Pty Ltd
- Skyview Vintage Pty Ltd
- Superhero Securities Limited
- Living Room of Satoshi Pty Ltd
- eToro AUS Capital Limited
- Revolut Payments Australia Pty Ltd
- Bamboo 61 Pty Ltd
- Vield Pty Ltd
- Finance & Systems Technology Pty Ltd
- Digital Reserve Pty Ltd
- Dcx Technology Pty Ltd
- Day1 Exchange Pty Ltd
- Real World Assets Proprietary Limited
- Flash Partners Pty Ltd (trading as Flash Fx)
- Casey Block Services Pty Ltd (trading as Coinspot)
- integratedCapital Pty Ltd
- Digital Wallet Pty Ltd
- Daytek Capital Pty Ltd
- Foris Gfs Australia Pty Ltd
- Foris Dax Au Pty Ltd (trading as Crypto.com)
- IUX Markets Au Pty Ltd.
- Webull Securities (Australia) Pty. Ltd.
- Immersve Pty Ltd
- Cryptospend Pty Ltd
About us:
The Australian Financial Complaints Authority (AFCA) is a non-government ombudsman service providing free, fair and independent help with financial disputes. It is a one-stop-shop for consumers and small businesses who have a dispute with their financial firm, over things such as banking, credit, insurance, advice, investments or superannuation. Where an agreement cannot be reached between parties, AFCA can issue decisions that are binding on financial firms.
Under the Government’s Scams Prevention Framework, AFCA’s role is expanding to provide external dispute resolution for eligible scam complaints involving banks, telcos and digital platforms. AFCA will be able to deal with scam complaints under the new framework from 31 March 2027.
Contact details: