Coinbase urges Australia to vote for Crypto Progress in May

Australia’s federal election next month could determine the future of domestic crypto, according to a convened from Coinbase.

John O’Loghle, managing director of APAC at Coinbase, warned that despite growing interest in digital assets, “the policy environment for Crypto in Australia is frustrating, ambiguous and undeveloped.” Blog post on monday.

“It’s 2025 and there are no clear rules to support innovation, protect consumers and attract long-term investments,” says O’Loghle.

Coinbase outlined five urgent steps for the next government, including launching an encrypted task force in the first 100 days, addressing the country’s worsening deconking issue, the possibility of using Stablecoin, providing tax clarity and startup support for Web3 builders.

Up to 31% of Australians are detained Cryptosets the nation among global leaders of adoption, and regulatory paralysis drives talent and capital overseas, Post said.

“Talent Web3 builders are heading offshore,” writes O’Loghle. “Every day, local capitals and talent flow into friendly jurisdictions like Singapore and Dubai.”

O’Loghle warned that Australia risks losing its advantage in Web3 innovation, saying that “it’s unlikely that the world’s next Coinbase or circle will be established in Australia,” but not because of a lack of talent, but because of “the country “has no ambition and urgency to support them.”

The platform’s petition comes as Prime Minister Anthony Albanese’s government is about to deploy a regulatory framework.

Australia’s plans

March, The Ministry of Finance outlined the plan It requested major exchanges to obtain Australian financial services licenses and issued guidance on Stablecoin monitoring and custody services.

The agency has also pledged to work with the bank to work to remove it by promoting transparency and equity.

Meanwhile, new data from Australia-based education platform Digital Wealth Group provided insights into Australia’s cryptocurrency behavior.

A 696-member poll found that 55% had just 9.9%, more than $195,000 ($300,000) in Crypto, despite reporting household income of more than $97,500 ($150,000).

“This suggests that even wealthy Australians aren’t even dabbled in code – that is, they’re not yet on their hands,” the group said. Only 3% reported a portfolio that exceeded $650,000 ($1 million).

Crypto Exchange statement, it’ll come just a few weeks later Confirmed The Australians will vote on May 3rd in a fiercely contested election.

With Labour defending a slim majority, polls suggest that either party could be forced to work with an independent or small party to form a government.

While cost-of-living, housing and healthcare dominate the campaign, Coinbase is calling for Crypto to take on a key position in the debate.

The exchange says the next government needs to “go beyond consultation and move to law” as Australia “is not risking further delays” when it comes to crypto innovation.

Edited by Sebastian Sinclair