Australian election will lead to pro-crypto laws regardless of winner

Crypto regulation in Australia is set to advance, with both major political parties promising action on the issue.

Despite limited mention of crypto in the election campaign, both the Australian Labor Party (ALP) and the Liberal Party have committed to introducing crypto regulations developed in consultation with the industry.

In April, Shadow Treasurer Angus Taylor from the Liberal Party pledged to release draft crypto regulations within the first 100 days of office.

Meanwhile, the ALP has also been preparing draft bills, including frameworks for regulating digital asset platforms and modernizing the payments system.

Amy-Rose Goodey, CEO of the Digital Economy Council of Australia, highlighted that both parties are equally focused on passing this legislation.

“Irrespective of who gets in, we’re in a better position than we were about a year ago,” she said, emphasizing the progress made.

Despite some differences in timing, both parties have outlined plans for regulatory action.

The ALP, led by Prime Minister Anthony Albanese, has shifted its stance recently, acknowledging the potential of digital assets for the Australian economy.

“We want to seize these opportunities and encourage innovation at the same time as making sure Australians can use and invest in digital assets safely and securely with appropriate regulation,” Treasurer Jim Chalmers stated.

The Liberal Party’s proposal is expected to be faster-paced, with a framework inspired by the private member's bill by Senator Andrew Bragg.

The Treasury has also been drafting legislation in recent months, signaling a growing commitment to the sector.

Przelozny, founder of Independent Reserve, noted that the urgency of these plans is vital.

With a growing global focus on crypto regulations, especially in the US and the UK, Australia risks falling behind if it does not act quickly.