Catenaa, Wednesday, April 16, 2025-Cryptocurrency exchange Coinbase is calling on Australians to vote in favor of digital asset reform in next month’s federal election, warning that the country risks losing its place in the global Web3 race due to unclear regulations and stifling policies.
John O’Loghlen, Coinbase’s Asia-Pacific managing director, criticized Australia’s “vague and underdeveloped” crypto policies in a blog post Monday, urging the next government to prioritize reform.
“It’s now 2025, and we still don’t have clear rules to support innovation, protect consumers, and attract long-term investment,” O’Loghlen wrote.
Coinbase outlined five key reforms it says are critical: launching a crypto taskforce in the first 100 days, addressing widespread debanking, enabling stablecoin adoption, clarifying tax rules, and supporting Web3 startups.
The company warned that without action, Australia will continue to lose talent and capital to jurisdictions like Singapore and Dubai.
Australia’s Treasury in March unveiled plans requiring major crypto exchanges to obtain financial services licenses and issued guidance on stablecoin and custody regulations.
It also pledged to tackle debanking, a practice Coinbase condemned as treating Australians “like criminals.”
As Prime Minister Anthony Albanese’s government defends a slim majority ahead of the May 3 vote, Coinbase is urging voters to push crypto higher on the national agenda.
The platform emphasized the urgency for Australia to shift “beyond consultation and into legislation” or risk further setbacks in Web3 innovation.
