Australia’s Crypto Industry Welcomes New Government Appointment
The Australian cryptocurrency industry has expressed optimism following the recent re-election of the government and the appointment of pro-crypto politician Andrew Charlton as assistant minister for the digital economy, artificial intelligence, and emerging technologies. Prime Minister Anthony Albanese announced on May 12 that Charlton would work alongside Minister for Industry and Innovation Tim Ayres to promote advancements in science, technology, innovation, and the digital economy.
Charlton has previously shown strong support for the crypto industry. In a November speech to parliament, he advocated for a balanced regulatory framework that would encourage industry growth while ensuring security and trust. “Cryptocurrency is shaping the future of finance. Governments must support a balanced framework that encourages growth while ensuring security and trust,” Charlton stated on social media.
Industry leaders have praised Charlton’s appointment. Jason Titman, CEO of Australian crypto exchange Swyftx, described it as “unequivocally good news for crypto in Australia,” expecting the blockchain industry to welcome the move. Titman highlighted Charlton’s deep understanding of blockchain technology and his belief in its potential to support the Australian economy. The industry has been awaiting legislative clarity on digital assets for “six or seven years,” according to Titman.
Vakul Talwar, head of Crypto.com’s Australian arm, noted that Charlton’s appointment signals the growing importance of the digital economy. The industry has grown significantly since the 2022 election, with around 31% of Australian adults, or 6.2 million people, having owned or currently owning crypto, according to April data from Independent Reserve.
Edward Carroll, head of global markets and corporate finance at MHC Digital Group, praised Charlton’s recognition of the need to regulate digital assets quickly and appropriately. “His specific support for digital assets and recognition of blockchain technology’s transformative potential should help Australia keep pace with the rapidly evolving global regulatory landscape,” Carroll said.
The addition of “digital economy” to Charlton’s ministry position was seen as a positive signal by Damian Kassabgi, CEO of the Tech Council of Australia. The reelected Labor Party has proposed regulating exchanges under existing financial services laws and has promised to address debanking issues.
The Australian crypto industry continues to grow, with industry leaders calling for urgent reforms to create a clearer regulatory framework. Charlton’s appointment is viewed as a step in the right direction towards achieving this goal.
