Australia’s cryptocurrency sector has renewed its call for swift legislative action following the Australian Labor Party’s (ALP) decisive reelection on May 3. Industry leaders are pressing the government to prioritize digital asset regulation to prevent Australia from falling further behind global markets.
Despite both major parties backing crypto reform during the election campaign, only the opposition committed to delivering draft legislation within 100 days. Now, industry leaders are urging the reelected Labor government to act immediately. John O’Loghlen, Coinbase’s APAC managing director, emphasized on May 5 that the Albanese government has a “responsibility to move quickly” and called for a Crypto-Asset Taskforce to be formed within 100 days to fast-track consumer protection and innovation.
Binance’s head of global regulatory and APAC legal, Joy Lam, stressed that prolonged discussions with the Treasury, ongoing since late 2023, must now transition into legislative action. “Time is really quite critical,” Lam said, pointing to how the UK, US, and EU have already moved forward with comprehensive regulatory frameworks.
BTC Markets CEO Caroline Bowler echoed these sentiments, highlighting that the Labor victory provides “an opportunity for meaningful progress” on digital asset rules. Lam also noted the broader global momentum, referencing the EU’s MiCA framework and recent UK draft rules, as signals that Australia must act or risk losing fintech talent and capital.
Treasurer Jim Chalmers’ office stated that draft legislation will be released this year, with reforms introduced gradually to ease the transition for existing businesses. While digital asset platform regulation and payment system modernization remain on the government’s agenda for June, Lam expressed skepticism about the timeline being met.
Critics argue Labor’s inaction during its first term may have inadvertently allowed a more balanced approach to develop. Initial consultations in 2023 yielded a more positive policy shift in the March 2024 Treasury statement, signaling increased openness to nurturing the crypto sector sustainably.
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