Coinbase calls for Australian voters to support cryptocurrency reform in the upcoming federal election. Managing Director John O’Loghle highlights vague regulations hindering innovation and urges five key steps for the new government. With significant adoption rates but regulatory challenges, Coinbase warns of losing talent and capital to more favourable jurisdictions. Amid election dynamics, Coinbase stresses the importance of addressing crypto during campaign discussions.
Coinbase is advocating for progress in the Australian cryptocurrency landscape as the federal election approaches on May 3. The Managing Director for APAC, John O’Loghle, highlighted the unclear and inadequate policy environment that has hindered innovation and investment in digital assets, stating that clear regulations must be established by 2025.
To facilitate this progress, Coinbase proposed five critical steps for the new government: establishing a cryptocurrency taskforce within the first 100 days, addressing the rising issue of debanking, allowing stablecoin usage, ensuring tax clarity, and supporting Web3 developers. This is necessary as up to 31% of Australians currently hold cryptocurrency, indicating a high rate of adoption.
However, O’Loghle warned that the regulatory stagnation is causing talent and investment to migrate to more supportive jurisdictions, such as Singapore and Dubai, threatening Australia’s potential in Web3 innovation. He argued that without immediate action, the next industry leaders may not emerge from Australia, as the nation lacks the urgency to support its crypto sector.
In March, Australia’s Treasury announced plans to regulate major exchanges with Financial Services Licences and issue guidance on stablecoin oversight, promising to improve the debanking issue through increased transparency and fairness. Nonetheless, Coinbase labelled these efforts inadequate, suggesting they treat Australians with suspicion.
Recent research from Digital Wealth Group indicates that a significant portion of wealthy Australians remains cautious with their cryptocurrency investments. Only 9.9% of a surveyed 696 individuals held substantial crypto assets, indicating a reluctance to fully engage with the space amidst evolving market conditions.
Amidst a tight political race, where cost-of-living and healthcare concerns dominate, Coinbase is pressing for cryptocurrency reform to become a prominent issue in the election debate. They contend that immediate legislative action is essential to keep pace with international advancements in the cryptocurrency sector.
