In the wake of the Australian Labor Party’s decisive victory in the federal election, the nation’s cryptocurrency sector is pressing the government to expedite the implementation of comprehensive digital asset regulations. Industry leaders emphasize the urgency of establishing a clear legal framework to prevent Australia from lagging behind global counterparts in the rapidly evolving crypto landscape.
The Labor Party secured a commanding 54.9% of the two-party-preferred vote on May 3, reaffirming its mandate. While both major political parties had pledged to reform crypto laws during their campaigns, only the opposition committed to introducing draft legislation within the first 100 days of office.
John O’Loghlen, Managing Director for Asia-Pacific at Coinbase, highlighted the government’s “opportunity and responsibility to move quickly on this issue.” He advocated for the establishment of a Crypto-Asset Taskforce within the initial 100 days to develop legislation that safeguards consumers, fosters innovation, and curtails the migration of talent and capital to more crypto-friendly jurisdictions.
Joy Lam, Binance’s Head of Global Regulatory and APAC Legal, noted that the exchange has been in discussions with Treasury officials since late 2023 regarding proposed legislation. “Timing is really quite critical now because obviously it’s something that has been discussed and kicked around for quite a few years,” Lam stated.
Caroline Bowler, CEO of BTC Markets, expressed optimism about the potential for meaningful progress in Australia’s approach to digital asset regulation, stating that the election outcome “sets the stage” for advancement.
Treasurer Jim Chalmers’ office indicated that exposure draft legislation would be released later this year for public consultation, with reforms to be phased in to minimize disruptions to existing businesses. The Treasury has scheduled drafts on regulating digital asset platforms and modernizing the payments system for release by the end of June.
The government’s March 2025 statement on developing an innovative digital asset industry outlined priorities such as utilizing the existing Australian Financial Services License (AFSL) regime to regulate digital asset platforms and payment stablecoins, focusing on the secure custody of client assets by centralized providers.
