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Digital asset fintech Block Earner has become the first digital asset platform in Australia to be regulated to provide credit products under its own licence, having previously operated as a credit representative of Australian Credit Licence holder Mortgage Direct under the Australian Securities and Investments Commission’s (ASIC) regulatory framework.
Block Earner will now conduct its lending activities under its own Australian Credit Licence, enabling it to originate, underwrite, and offer regulated credit products directly.
The licence follows the lender’s launch of Australia’s first bitcoin-backed home loan in July 2025, which has already generated more than $500 million in mortgage demand at the waitlist stage.
The licence also includes the appointment of Charlie Karaboga and James Coombes as responsible managers.
“Securing this Australian Credit Licence is a significant milestone for Block Earner and for Australia’s digital asset industry,” Karaboga, co-founder and CEO of Block Earner, said.
“For the first time, a digital asset platform in Australia can provide credit products under its own Australian Credit Licence, creating a regulated pathway for customers to use digital assets as security for credit.
“We welcome ASIC’s continued progress in providing a clear pathway for firms in this space. Digital assets are becoming an increasingly common store of wealth for Australians.”
Crypto booms, but lending still developing
Block Earner’s credit licence comes amid continued growth in Australia’s crypto sector.
According to the Independent Reserve Cryptocurrency Index, around 6.2 million Australians, roughly 31 per cent of the adult population, now own or have owned cryptocurrency.
Younger Australians continue to lead adoption, with 53 per cent of Australians aged 25–34 owning crypto, while Baby Boomer ownership has grown from 5.77 per cent to 8.2 per cent.
Despite growing interest, options for using crypto to support mortgage applications remain limited in Australia.
Steph Coleman, operations manager and mortgage broker at Unconditional Finance, told Broker Daily that crypto still largely sits outside the mainstream of Australian lending.
“Most lenders do not accept it as security, and its primary use remains converted to cash and used as a deposit,” she said.
Like some overseas markets, such as the US, Block Earner will recognise digital assets as collateral.
Coleman said most Australian lenders remain focused almost entirely on what happens after crypto assets are sold.
“Currently, lenders take a conservative and risk-based approach,” Coleman said.
“Crypto is excluded from serviceability, unrealised gains are ignored, and proceeds are only considered once liquidated.
“Regulatory uncertainty is the real barrier. AUSTRAC and ASIC guidelines mean lenders carry significant compliance risk if they can’t verify the origin of crypto wealth, so many simply avoid it altogether.
“Until there’s clearer regulatory guidance specific to digital assets in lending, most lenders will remain conservative.”
Increasing maturity of the sector
Coombes, chief commercial officer of Block Earner, said ASIC’s decision to issue the first credit licence for this form of lending reflected the increasing maturity of Australia’s digital asset sector.
“Digital assets are now part of the wealth picture for millions of Australians. The next phase is about ensuring those assets can be used within regulated financial products that meet the standards expected of Australia’s credit system,” he said.
“As the first digital asset specialist to obtain an Australian Credit Licence for this purpose, Block Earner is reinforcing its commitment to building within Australia’s established regulatory framework.”
Block Earner is also progressing an Australian Financial Services Licence as part of its broader regulatory plans ahead of the implementation of Australia’s Digital Assets Framework.
The reforms are expected to extend the financial services licensing regime to parts of the digital asset sector, as regulators continue developing clearer oversight for digital asset businesses operating within Australia’s financial system.
Many Australians also remain optimistic about the long-term future of digital assets, with Independent Reserve reporting that two in five Australians believe crypto will eventually become widely accepted for everyday use.
Coleman said that while the sector remained relatively underdeveloped, the direction of travel was becoming increasingly clear.
“Twelve months ago, the crypto conversation was almost non-existent with mainstream lenders,” Coleman said.
“I think the direction is clear: as crypto becomes more mainstream and regulatory frameworks mature, lenders will have no choice but to develop proper policies around it.
“We’re already seeing overseas markets, particularly in the US, move more quickly on this. Australia will eventually follow.”
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