Australia’s crypto market has mostly been about spot trading—Bitcoin, Ethereum, and the usual majors—plus the occasional local push for clearer rules. But a new move by BTC Markets hints at something bigger: a future where tokenized stocks, bonds, and other real-world assets (RWAs) trade alongside crypto, potentially on a 24/7 schedule with near-instant settlement.
That’s not just a nice vision statement. Cointelegraph reports that BTC Markets has notified Australia’s securities regulator (ASIC) of its intention to apply for a markets licence to offer regulated tokenized RWAs, with CEO Lucas Dobbins saying the goal is to obtain the licensing infrastructure needed to offer certain tokenized assets to the public.
If approved, it would place BTC Markets in a growing global club of platforms blending TradFi-style assets with crypto rails—and it would also test how quickly Australia can modernize its regulatory framework for tokenized markets.
What BTC Markets is proposing
According to the Cointelegraph report (via TradingView), BTC Markets wants to pursue a markets licence that would allow it to offer regulated tokenized assets such as tokenized equities, bonds, and other RWAs. Dobbins described a future where tokenized assets trade alongside cryptocurrencies, markets operate continuously, and settlement is instant.
Two details from the same report stand out:
- Dobbins framed today’s onchain tokenized asset market—about $26 billion—as “proof of concept,” suggesting the real opportunity is still ahead.
- BTC Markets is explicitly trying to “join peers” like Kraken and Robinhood, which have already launched tokenized stock offerings in other jurisdictions.
So this isn’t an isolated Australian experiment. It’s part of a broader tokenization race.
Tokenization is already real—and growing fast
If you want a quick reality check on whether tokenization is hype or substance, look at the onchain numbers.
RWA.xyz—one of the most-cited trackers for tokenized real-world assets—shows a distributed asset value around $26.5B (excluding the stablecoin market cap in a separate line item). Cointelegraph’s report also referenced RWA.xyz and noted that Ethereum holds the largest share of the tokenized RWA market (excluding L2/EVM platforms).
And the long-term forecasts are even more aggressive. A Boston Consulting Group (BCG) + ADDX report has famously estimated tokenization could reach about $16 trillion by 2030. (Cointelegraph also referenced a “high as $16T” estimate in the BTC Markets story.)
Whether you believe every forecast or not, the direction is clear: tokenization is becoming a core theme for both crypto and traditional exchanges.
Why Australia is paying attention now
Australia is in the middle of building a more explicit regulatory framework for digital asset platforms.
ASIC’s own digital assets page notes the Australian Government has been consulting on exposure draft amendments to introduce digital asset platforms and tokenised custody platforms as new financial products, alongside proposals that include regulation of certain stablecoins.
Parliament’s summary of the Corporations Amendment (Digital Assets Framework) Bill 2025 describes reforms aimed at strengthening consumer protection, market integrity, and regulatory certainty for digital asset platforms and crypto exchanges.
In other words, BTC Markets’ licensing push isn’t happening in a vacuum—it’s arriving as Australia tries to decide how crypto exchanges and tokenized assets fit inside existing financial-market rules.
What “markets licence” could mean in practice
In Australia, there’s a big difference between:
- an exchange offering spot crypto under existing compliance obligations (including AML/CTF), and
- a platform operating like a regulated market venue for products that look more like securities.
BTC Markets has already shown interest in “meeting TradFi in the middle.” Back in 2023, CEO Caroline Bowler wrote that if tokens are functionally equivalent to shares or bonds, crypto exchanges may need to be licensed “similar to traditional market licensees,” and that this could eventually allow an Australian-licensed crypto exchange to list crypto, traditional equities, and tokenized versions of traditional products side-by-side.
So the new “markets licence” ambition is basically that idea becoming operational: a path toward tokenized securities trading within a regulated perimeter.
Why this matters for investors
From an investor perspective, tokenized RWAs can offer three powerful benefits—if done correctly:
1) More access, fewer frictions
Tokenized equities and bonds can be designed for fractional ownership, which can reduce barriers for smaller investors.
2) Longer trading hours
One of the recurring selling points of tokenization is extended trading availability—sometimes 24/7 or close to it—rather than the traditional market-day window.
3) Faster settlement
Tokenized assets can potentially settle faster than legacy systems, reducing counterparty risk and freeing capital more efficiently.
BTC Markets’ CEO explicitly pointed to this future: continuous markets and instant settlement.
But investors should also keep expectations realistic: regulation, custody, and real-world legal enforceability are what separate “serious tokenization” from just “a token that tracks a price.”
BTC Markets is joining a global wave
Cointelegraph’s story connects BTC Markets to a broader trend where both crypto exchanges and stock-market giants are embracing tokenization.
A few concrete examples:
- Kraken has expanded its tokenized stock initiative and recently introduced xChange, an onchain trading engine aimed at tokenized equities across Ethereum and Solana.
- Robinhood launched tokens allowing EU users to trade exposure to U.S. stocks and ETFs.
- The New York Stock Exchange (ICE) announced development of a tokenized securities platform designed for 24×7 trading of U.S. equities and ETFs with tokenized settlement.
- Nasdaq has filed proposals related to enabling tokenized securities trading within its existing market structure.
When exchanges like NYSE and Nasdaq start building tokenized rails, tokenization stops being a crypto niche and starts looking like financial infrastructure evolution. BTC Markets is essentially trying to position Australia inside that shift rather than watching from the sidelines.
The hard parts: what could slow this down
A move like this comes with real obstacles.
Regulatory complexity
Tokenized securities touch licensing, disclosure obligations, market integrity rules, and custody requirements. Australia’s ongoing reforms highlight how much work remains in defining these boundaries.
Custody and investor protection
Tokenized assets raise questions about who holds the underlying asset, how redemptions work, and how investor rights are enforced.
Liquidity and market quality
Even if a tokenized stock exists, it needs deep liquidity, robust price feeds, and strong market surveillance to avoid becoming a thin, manipulable side market.
Consumer understanding
Tokenization can confuse retail investors: “Do I own the stock or a derivative token?” That clarity matters, especially after high-profile debates around tokenized representations.
Conclusion
BTC Markets’ plan to apply for an ASIC markets licence to offer regulated tokenized RWAs is one of the clearest signs yet that Australia’s crypto sector is aiming beyond spot trading and into the tokenized future.
It’s happening as tokenized RWAs on public blockchains sit around $26.5B in distributed asset value, and as forecasts for tokenization stretch as high as $16T by 2030.
If BTC Markets succeeds, it could help bring tokenized equities, bonds, and other onchain real-world assets into a more regulated, investor-friendly Australian framework—at a time when major global players are racing to build similar rails.