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LTP Lands Australian License as 360 Crypto Platforms Face ASIC Deadline
LTP secures AFSL ahead of June 30 deadline; 90% of Australia's crypto platforms still unlicensed face penalties up to 10% of turnover. Eric Wang leads local push.
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LTP, a Hong Kong-based crypto prime broker, picked up an Australian Financial Services License from ASIC. The timing puts it ahead of a June 30 deadline that could catch 360 other platforms without coverage.
The AFSL lets LTP advise on and deal in securities and managed investment schemes for wholesale clients. That means funds and market makers, not retail investors. Tokenized real estate and private credit fall into that bucket under ASIC's rules. Jack Yang, LTP's founder and CEO, has said tokenization is a priority.
ASIC set the cut-off after the Corporations Amendment (Digital Assets Framework) Bill passed on April 1. Platforms without a license after June 30 face penalties of up to 10% of annual turnover. By April, only about 40 of roughly 400 registered crypto platforms in Australia held ASIC licenses. The other 360 are still waiting or ignoring the clock.