In spite of indications in February that 2 million pro-crypto constituents could influence the result of this week\u2019s Australian Federal Election, crypto has hardly received any attention throughout the campaign.<\/p>\n
\u201cI believe it\u2019s an unutilized opportunity,\u201d Independent Reserve founder Adrian Przelozny informed Cointelegraph. \u201cNeither party has elevated crypto as a primary issue because they fear alienating voters or appearing too specialized.\u201d<\/p>\n
However, the positive news is that following over a decade of stagnation, both the governing Australian Labor Party (ALP) and the opposition Liberal Party are vowing to implement crypto regulations formulated in partnership with the industry.<\/p>\n
In April, Shadow Treasurer Angus Taylor pledged<\/a> to unveil draft crypto regulations within the initial 100 days after taking office, while the Treasury itself has draft bills on \u201cregulating digital asset platforms\u201d and \u201cmodernizing the payments system\u201d announced<\/a> for release this quarter.<\/p>\n Amy-Rose Goodey, CEO of the Digital Economy Council of Australia, stated that both parties \u201care similarly committed to advancing this draft legislation.\u201d <\/p>\n \u201cRegardless of who comes into power, we\u2019re in a stronger situation than we were approximately a year ago.\u201d<\/p><\/blockquote>\n Pro-crypto voters have options in the Senate as well, with the Libertarian Party publishing a 23-page Bitcoin policy in March \u2014 advocating for the establishment of a national Bitcoin (BTC<\/a>) Reserve and the recognition of Bitcoin as legal currency.<\/p>\n The minor party is presenting five Senate candidates in various states, including former Liberal MP Craig Kelly, but does not currently have any representation in the Senate.<\/p>\n The progressive left-leaning Greens party has not delineated a stance on crypto, while the conservative right-wing One Nation party has campaigned against debanking and CBDCs.<\/p>\n Australia\u2019s inaugural parliamentary inquiry into digital assets took place back in 2014, yet there has been over ten years of regulatory inactivity since then. The industry argues that this has resulted in stagnation and a talent exodus to jurisdictions such as Singapore and the UAE.<\/p>\n The former Liberal Government was contemplating the groundbreaking Digital Services Act<\/a>, based on the 2021 Senate Committee\u2019s crypto suggestions<\/a>, when it lost power in 2022. In spite of ongoing discussions<\/a> since then, the ALP government, led by Prime Minister Anthony Albanese, has not presented any legislation to parliament.<\/p>\n Nonetheless, there has undoubtedly been a shift in sentiment from the ALP recently, with Treasurer Jim Chalmers telling Cointelegraph that digital assets \u201crepresent significant opportunities for our economy.\u201d<\/p>\n \u201dWe want to capitalize on these opportunities and foster innovation while ensuring that Australians can utilize and invest in digital assets safely and securely with suitable regulation.\u201d<\/p><\/blockquote>\n His office stated exposure draft legislation would be released \u201cin 2025\u201d for consultation, introduced into Parliament \u201conce that feedback has been considered,\u201d with subsequent reforms \u201cphased in gradually to reduce disruptions to existing businesses.\u201d<\/p>\n The shadow assistant treasurer, Luke Howarth, remarked that the ALP has been tardy in taking action because it lacked a blockchain policy when it was elected.<\/p>\n \u201cIt wasn\u2019t until after the FTX collapse that they recognized the need for regulation,\u201d he informed Cointelegraph. \u201cThe Albanese government initially vowed to implement regulation by 2023 but has not managed to draft legislation or provide a clear timetable for action. After three years, all that was presented to the industry was a six-page placeholder document.\u201d<\/p>\n He references Treasury\u2019s March statement \u201con establishing an innovative Australian digital asset industry<\/a>.\u201d It allows for the licensing of Digital Asset Platforms (DAPS), a framework for payment stablecoins, and a review of Australia\u2019s Enhanced Regulatory Sandbox.<\/p>\n Related: <\/strong><\/em>A guide to crypto trading bots: Evaluating strategies and performance<\/strong><\/em><\/a><\/p>\n While lacking in specifics, those objectives are broadly akin to the crypto regulation priorities that Howarth describes to Cointelegraph \u2014 the principal distinction being that the opposition has pledged to a quicker timetable.<\/p>\n Przelozny commended the 100-day promise as \u201cprecisely the type of urgency we require.\u201d<\/p>\n If elected, the Liberal Party\u2019s legislation is anticipated to draw some inspiration from Senator Andrew Bragg\u2019s private members bill<\/a> in 2023 and some from the more recent initiatives undertaken by the Treasury.<\/p>\n The Treasury has been discreetly drafting legislation this year, which Goodey understands is \u201cnearly finalized.\u201d<\/p>\n \u201cThere\u2019s been a prioritization within Treasury, and I know that their team has nearly doubled \u2014 the digital asset team \u2014 for drafting that legislation. Therefore, there has been a commitment in that over the past six months.\u201d<\/p><\/blockquote>\n Przelozny views the ALP\u2019s approach as \u201cprudent and systematic, yet it\u2019s been slow,\u201d emphasizing consumer protection and risk management.<\/p>\n BTC Markets CEO Caroline Bowler stated that the election of a pro-crypto Trump administration and the UK\u2019s draft regulations<\/p>\n “`(debuted this week<\/a>) likely compelled both political factions to finally take matters seriously. <\/p>\n \u201dAustralia has ground to recover, and I would foresee this becoming a significant element in the astute strategy of both parties,\u201d she commented. <\/p>\n The Stand With Crypto initiative is ongoing in Australia but has remained relatively subdued during the campaign, concentrating on debanking.<\/p>\n John O\u2019Loghlen, managing director for APAC at Coinbase urged<\/a> whoever prevails in the election to establish a \u201cCrypto-Asset Taskforce (CATF) within the first 100 days.\u201d This taskforce would comprise representatives from both the industry and consumers to finally realize crypto regulations. <\/p>\n \u201cIf Australia doesn\u2019t act promptly, we risk lagging even further behind,\u201d he informed Cointelegraph. <\/p>\n \u201cThe next administration must progress past consultation and into legislation.\u201d<\/p><\/blockquote>\n The Australian Securities and Investments Commission (ASIC) serves as the local equivalent to the US Securities Exchange Commission (SEC). It unveiled its own crypto regulatory<\/a> recommendations in December. <\/p>\n Related: <\/strong><\/em>Trump\u2019s initial 100 days declared \u2018worst in history\u2019 despite crypto promises<\/strong><\/em><\/a><\/p>\n Joy Lam, Binance\u2019s global regulatory and APAC legal head, conveyed to Cointelegraph that she does not anticipate ASIC to suddenly alter its course if a new government takes charge, unlike the SEC. <\/p>\n \u201cASIC does not legislate,\u201d she remarked. \u201cI do not foresee a total reversal, as ASIC operates independently and has its own mandate, yet it clearly functions within the legislative framework that the government will establish.\u201d<\/p>\n In February, a survey conducted by YouGov and Swyftx indicated that 59% of crypto users would support a pro-crypto candidate in the federal election<\/a> over all other concerns. This represents approximately 2 million Australians and could significantly influence the election outcome. <\/p>\n However, the commonalities between the main parties concerning crypto regulation far outstrip their differences. Goodey stated that both political factions have sincerely engaged with the industry regarding its worries and priorities. <\/p>\n \u201cThe language in their media releases from March and April this year reflects that they are aligned on the key industry issues,\u201d she noted. <\/p>\n Due to Senator Bragg\u2019s advocacy for crypto, the industry associates the Liberal Party with greater enthusiasm for digital assets; still, after three years in power, the ALP seems to have reached a comparable position. <\/p>\n Recent YouGov and Resolve polls suggest a favorable reelection for the current government. <\/p>\n While internal Liberal polling indicates<\/a> that a minority government from the ALP could be a real possibility, the major parties would collectively have sufficient votes to pass bipartite crypto legislation. <\/p>\n Whatever unfolds, 2025 appears poised to be the year when Australia finally delivers the clarity that the crypto industry requires. <\/p>\n \u201cFor the industry, the timing is exceedingly crucial now as this matter has been deliberated and postponed for several years,\u201d Lam remarked. <\/p>\n \u201cI would assert that we are cautiously optimistic.\u201d<\/p><\/blockquote>\n Magazine: <\/strong><\/em>ZK-proofs are introducing smart contracts to Bitcoin \u2014 BitcoinOS and Starknet<\/strong><\/em><\/a><\/p>\n <\/div>\nOver a decade of inaction regarding crypto<\/h2>\n
The government intensifies efforts<\/h3>\n
Stand With Crypto initiative and ASIC<\/h3>\n
Which candidates should single-issue crypto voters support?<\/h3>\n