Coinbase is advocating for urgent digital asset reform in Australia ahead of the upcoming election. The company highlights that unclear regulations may hinder the country’s competitiveness in the crypto sector. Key recommendations include forming a crypto taskforce, addressing the debanking issue, enabling stablecoins, and clarifying tax rules for Web3. Without these reforms, Australia risks losing talent and investment.
Coinbase has emphasised the necessity for rapid digital asset reform in Australia, highlighting the risk of the nation falling behind in the global crypto landscape. John O’Loghlen, Coinbase’s APAC Managing Director, stated that the current policy framework lacks clarity and is inadequate for fostering sustainable growth in the cryptocurrency sector.
The exchange has identified five critical priorities for the incoming government, which include establishing a dedicated crypto taskforce within the first 100 days. Other priorities consist of tackling the escalating debanking issue, endorsing the use of stablecoins, and clarifying tax regulations related to Web3 projects.
Despite the high rates of crypto adoption in Australia, the article underscores that ambiguous regulatory frameworks are causing the exodus of talent and investments to other countries. Furthermore, Coinbase pointed out that wealthy Australians have a limited engagement with cryptocurrency, reflecting an overall cautious approach to the market. Stronger, clearer legislation is deemed essential for ensuring Australia remains competitive in the evolving digital economy.
