LTP, a Hong Kong-based prime broker for digital assets, said today (Monday) it has secured an Australian Financial Services License (AFSL) from the country's securities regulator, clearing it to advise on and deal in financial products for wholesale clients as it pushes further into tokenized real-world assets.

The license, granted by the Australian Securities and Investments Commission, covers securities, managed investment schemes and deposit and payment products, according to the firm.

LTP said the permissions are limited to wholesale clients, which means it cannot use the license to serve retail investors in the country. That puts LTP inside ASIC's broader effort to bring stablecoins and tokenized assets under existing financial law, but only for institutional money.

Founder and Chief Executive Jack Yang believes “that the future of finance lies in the tokenization of financial instruments.”

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A Wholesale License, Not a Retail One

The wholesale limit matters. Australia's licensing regime applies across the market, yet LTP's new authorization stops short of everyday traders. The firm pitched the license as a gateway for funds, market makers Market Makers Market makers or called dealing desk brokers represent a type of broker that internalize flows and are taking the opposite side of a transaction submitted by their clients. The market making broker is only quoting a feed of prices to its clients. These feeds may or may not be the exact same as the prices quoted on the interbank market.Any order a client enters is processed internally and never goes out to the market, except in rare cases where a market making brokerage identifies a client as a v Market makers or called dealing desk brokers represent a type of broker that internalize flows and are taking the opposite side of a transaction submitted by their clients. The market making broker is only quoting a feed of prices to its clients. These feeds may or may not be the exact same as the prices quoted on the interbank market.Any order a client enters is processed internally and never goes out to the market, except in rare cases where a market making brokerage identifies a client as a v Read this Term and asset managers rather than retail customers.

LTP tied the move to the growth of tokenized real-world assets, the on-chain versions of things like real estate, private credit and digital debt.

Under ASIC guidance, most of those structures count as managed investment schemes or securities, the same categories LTP is now cleared to handle.

The firm said that classification is the point, giving it a regulated route to the assets it wants to service. The wider market for tokenized real-world assets has drawn interest from large managers including BlackRock, though on-chain volumes remain small next to the headline forecasts often cited for the sector.

LTP did not disclose client numbers, pricing or any revenue from its Australian operations.

Timing Lands Close to ASIC's June 30 Deadline

LTP's announcement arrives at a tense moment for digital asset firms in Australia. Parliament passed the Corporations Amendment (Digital Assets Framework) Bill on April 1, requiring crypto platform operators to hold an AFSL, and the regulator's no-action relief runs out on June 30.

Firms that miss the cutoff lose protection from enforcement and face civil and criminal penalties that can reach 10% of annual turnover. Of roughly 400 crypto platforms registered in the country, only about 10% held ASIC licences as of April.

Australia is also not the only deadline in play. The cutoff is one of four overlapping APAC licensing regimes landing in the second quarter, alongside new rules in Japan, Hong Kong and South Korea, according to FM Intelligence research.

Crypto Prime Brokers Race to Get Regulated

LTP is not alone in chasing regulated status. Ripple rebranded the brokerage it acquired, Hidden Road, as Ripple Prime and launched a US spot prime brokerage for institutions in November 2025, routing digital asset swaps through an FCA-regulated UK entity.

Deus X Capital built out Cor Prime, a digital asset prime broker Prime Broker Prime brokers are the designation given to individuals handling a package of services offered by investment banks, wealth management firms, and securities dealers to hedge funds which need the ability to borrow securities and cash in order to be able to invest on a netted basis and achieve an absolute return.There are two types of prime brokers - bank and non-bank corporations. Traditionally major global investment banks have been the predominant players in the space, however recent years have p Prime brokers are the designation given to individuals handling a package of services offered by investment banks, wealth management firms, and securities dealers to hedge funds which need the ability to borrow securities and cash in order to be able to invest on a netted basis and achieve an absolute return.There are two types of prime brokers - bank and non-bank corporations. Traditionally major global investment banks have been the predominant players in the space, however recent years have p Read this Term aimed at sovereign wealth funds, pension funds and hedge funds. Both, like LTP, are trying to package crypto access in a form institutions already recognize.

Part of a Multi-Country License Push

The Australian approval extends a licensing run for LTP. The firm acquired Spain's Turing Capital Brokerage last year for a MiCA-registered European entity, launched an OTC trading platform for institutions, and partnered with UK technology provider Gold-i to distribute its crypto and FX liquidity.

LTP had already been building an Australian presence, naming former CMC Markets executive Eric Wang as its head of the country earlier. The firm said it now holds licenses and registrations in Hong Kong, Australia, the United Arab Emirates, the British Virgin Islands and Spain.

Whether that thesis holds will depend on how fast institutional money actually moves on-chain, a shift the industry has forecast for years with uneven results.