Markets.News
Despite the potential impact of 2 million pro-crypto voters on the Australian Federal Election, crypto has not been a major focus in the campaign. However, both major parties, ALP and Liberal Party, are now promising to enact crypto regulations in consultation with the industry. Shadow Treasurer Angus Taylor has pledged to release draft crypto regulations within the first 100 days of office, with the Treasury having draft bills related to regulating digital assets and payments system modernization scheduled for release this quarter. The Libertarian Party has issued a 23-page Bitcoin policy, advocating for a national Bitcoin Reserve and accepting Bitcoin as legal tender, while the Greens party has not outlined a position on crypto and the One Nation party has campaigned against debanking and CBDCs. There has been over a decade of regulatory inaction in Australia regarding crypto, resulting in stagnation and a talent drain to other jurisdictions. The Treasury is currently drafting legislation, with the expectation that the ALP's legislation will prioritize consumer protection and risk management. Both sides of politics are finally taking crypto regulation seriously, likely influenced by global developments and the need to catch up. A pro-crypto stance has become more important for voters, with about 2 million Australians choosing a pro-crypto candidate as their top issue in the election. There is mutual agreement on industry issues between the major parties, and bipartisan crypto legislation is likely to be passed regardless of the election outcome. The industry anticipates that 2025 will bring the certainty it needs in terms of crypto regulation in Australia.