Australian crypto exchange BTC Markets has announced plans to apply for a markets license with the Australian Securities and Investments Commission (ASIC), signaling its ambition to offer regulated tokenized real-world assets (RWAs) to the public.
The move marks a significant step toward bridging traditional finance and crypto markets in Australia.
CEO Lucas Dobbins explained that the goal is to create infrastructure that allows tokenized equities, bonds, and other real-world assets to trade alongside cryptocurrencies, with continuous market operations and instant settlement.
“The roughly $26 billion in tokenized assets on-chain today is really just the proof of concept,” Dobbins noted, emphasizing the potential scale of the market.
Tokenized Markets Going Mainstream
Globally, tokenization is gaining traction.
Major financial institutions like BlackRock, Goldman Sachs, and JPMorgan have begun launching real tokenized products.
Meanwhile, exchanges such as Kraken and Robinhood pioneered tokenized RWA trading in 2025.
Kraken launched xStocks in June 2025, followed by xChange, an on-chain trading engine for Ethereum and Solana networks, making tokenized stock trading more accessible.
Robinhood has also rolled out a European platform for tokenized equities.
In traditional finance, the Intercontinental Exchange (ICE) and Nasdaq are exploring tokenized stock and ETF offerings, while Coinbase is developing Coinbase Tokenize, an institutional platform for managing tokenized RWAs.
Australia’s RWA Potential
Research by the Digital Finance Cooperative Research Centre suggests tokenized markets could generate about $24 billion AUD ($16.8 billion USD) annually, roughly 1% of Australia’s GDP.
Dobbins highlights that Australia could initially capture around $1 billion by 2030 unless the market infrastructure expands.
He points out that Australia already has strong regulatory frameworks, deep capital markets, and one of the world’s largest pension systems—structural advantages that could accelerate adoption of tokenized assets.
Early use cases are expected in private markets, infrastructure investments, and fund distribution, where tokenization could improve efficiency and accessibility.
Tokenized RWAs Performing Despite Market Challenges
On-chain data shows that tokenized RWAs currently hold a total value of $26.5 billion, with Ethereum dominating 57.4% of the market, excluding Layer-2 and other EVM-compatible platforms.
Interestingly, tokenized RWA values have reached all-time highs despite a broader crypto bear market, suggesting sustained institutional interest and market resilience.
Impact and Consequences
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Regulatory licensing could legitimize tokenized assets and attract institutional investors in Australia.
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Increased trading of tokenized RWAs may improve market liquidity and accessibility.
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Adoption of tokenized assets may transform private market investment, infrastructure funding, and fund distribution.
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Strong regulatory frameworks reduce risks for retail and institutional participants.
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Australia could emerge as a global hub for regulated tokenized markets, potentially reshaping the national financial landscape.
What’s Next?
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BTC Markets to formally apply for a license with ASIC and await approval.
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Development of infrastructure for continuous and instant settlement of tokenized RWAs.
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Expansion of tokenized offerings to include equities, bonds, and other real-world assets.
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Increased institutional participation from Australian and global players.
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Early adoption in private markets and infrastructure sectors to demonstrate practical use cases.
Summary
BTC Markets is positioning itself at the forefront of Australia’s tokenized asset revolution.
By seeking regulatory approval, the exchange aims to offer a wide range of tokenized equities, bonds, and real-world assets, potentially transforming the country’s financial markets.
With strong global and domestic momentum, tokenized RWAs are emerging as a serious financial instrument, offering improved efficiency, accessibility, and liquidity for both retail and institutional investors.
Bulleted Takeaways
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BTC Markets plans to offer regulated tokenized real-world assets in Australia.
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CEO Lucas Dobbins highlights $26 billion on-chain today as proof of concept.
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Global adoption is rising with BlackRock, Goldman Sachs, JPMorgan, Kraken, Robinhood, and Coinbase involved.
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Australia could generate $24 billion AUD annually from tokenized markets by 2030.
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Tokenized RWAs are posting all-time high values despite the crypto bear market.
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Initial use cases likely in private markets, infrastructure, and fund distribution.
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Regulatory approval will enable a trusted and accessible tokenized asset ecosystem.
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Ethereum currently dominates 57.4% of the on-chain RWA market.
