The Australian election campaign is in full swing, and the future of cryptocurrencies in the country is becoming an increasingly discussed topic. Regardless of the outcome of the election, new laws regulating the digital asset sector are expected to be passed this year.
Party Promises
Both the Australian Labor Party and the Liberal Party have promised to develop and implement crypto regulations. Liberal Party Shadow Treasurer Angus Taylor said the draft will be published within 100 days.
The Libertarian Party has already published its policy on Bitcoin. However, the Green Party has not yet outlined its position, and the One Nation Party opposes debanking and CBDCs (central bank digital currencies).
A History of Inaction
The first parliamentary inquiry into cryptocurrencies was held back in 2014. However, more than a decade of inaction has passed since then, leading to stagnation in the industry.
ALP Shift
Treasurer Jim Chalmers has highlighted the importance of digital assets to the economy. The bill will be published in 2025 for consultation. The ALP is moving slowly, but prioritising consumer protection.
Stand With Crypto Campaign
The pro-crypto campaign is active, but has been muted. Coinbase Managing Director John O’Loghlen has called for a ‘Crypto Asset Taskforce’ to be set up within 100 days.
ASIC’s Role
The Australian Securities and Investments Commission (ASIC) has released its regulatory proposals, which will be delivered in December. ASIC does not make laws, but works within the legislative framework to ensure the industry is effectively regulated.
Voter Support
A survey has found that 59% of crypto users would vote for a pro-crypto candidate. This shows that interest in digital assets in Australia is growing, and investors want to see clear and understandable regulation in this area.
Expectations for the future
2025 is expected to be the year that Australia provides the crypto industry with the necessary certainty and a clear legal framework for its development. This will be an important step in attracting new players and investments in the digital asset space.
