Australia’s cryptocurrency sector is urging the re-elected Labor government to prioritize long-promised reforms to digital asset laws, warning that continued delays could leave the country lagging behind global standards.
The Labor Party secured a decisive victory in the May 3 national election, winning 54.9% of the two-party-preferred vote. While both major parties committed to advancing crypto legislation during the campaign, only the opposition pledged to deliver draft laws within 100 days.
Now, industry leaders say it’s time for the Albanese government to act.
Industry Voices Call for Fast-Tracked Legislation
Joy Lam, Binance’s head of global regulatory and APAC legal, said the exchange has been actively working with Treasury since late 2023, but emphasized that time is running out.
“Timing is really quite critical now because this has been talked about for years,” she said. “Other regions are moving forward. Australia can’t afford to fall further behind.”
John O’Loghlen, APAC managing director at Coinbase, echoed that sentiment. He urged the government to establish a Crypto-Asset Taskforce within its first 100 days to develop legislation aimed at:
- Protecting consumers
- Encouraging innovation
- Preventing talent and capital from moving overseas
BTC Markets CEO Caroline Bowler added that the Labor win presents a strong opportunity for meaningful progress on crypto regulation. “Beyond politics, this result sets the stage for Australia to create a clear and modern regulatory path for digital assets,” she said.
Global Momentum Adds Pressure
The call for action comes amid a global shift toward clearer crypto frameworks. The UK recently released its draft rules, stablecoin legislation is moving in the U.S., and the European Union has already adopted its Markets in Crypto-Assets (MiCA) regulations.
“There’s a very clear shift happening,” Lam noted. “Everyone else is putting in place the frameworks that support sustainable industry growth. Australia needs to move quickly.”
Government Promises Draft Laws This Year
Treasurer Jim Chalmers’ office confirmed that exposure draft legislation for digital asset platforms and payment system modernization is expected by the end of June. The government also said reforms would be introduced gradually to avoid disrupting existing businesses.
Still, Lam expressed uncertainty about whether the timeline will hold. “I’m not sure if this quarter is still realistic,” she said.
Interestingly, some believe the government’s slower pace may end up benefiting the sector. Critics had previously feared that a rushed approach might mirror the U.S. administration’s hard stance, which treats many cryptocurrencies as securities and discourages bank involvement.
However, there are signs the Australian government’s stance has evolved. Industry participants observed a more supportive tone in the Treasury’s March “Statement on Developing an Innovative Australian Digital Asset Industry,” compared to the more cautious proposals released at the end of 2023.
