Catenaa, Tuesday, May 13, 2025- Following the re-election of the Labor government on May 3, the Australian crypto industry is calling for urgent digital asset law reforms to prevent the country from falling behind global market trends.
The Labor Party secured a resounding victory, winning 54.9% of the vote, promising reform on crypto regulations, though only the opposition pledged to deliver a draft within 100 days.
John O’Loghlen, managing director for Coinbase APAC, urged the reelected Albanese Government to prioritize crypto legislation. He called for a Crypto-Asset Taskforce to be established within the first 100 days to create regulations that protect consumers, encourage innovation, and prevent talent and capital from leaving Australia.
Binance’s Joy Lam echoed the urgency, pointing out that many international markets, including the U.S., EU, and UK, are moving ahead with regulatory frameworks for digital assets, making timely reform critical. “Timing is really quite critical now,” Lam said.
Treasurer Jim Chalmers’ office confirmed that draft legislation regulating digital asset platforms and modernizing the payment system would be released later this year. However, industry leaders remain cautious about the timeline, with Lam questioning whether the reforms will meet the anticipated schedule.
The Australian government’s evolving stance on crypto regulation reflects feedback from industry consultations in late 2023. The recently released “Statement on Developing an Innovative Australian Digital Asset Industry” indicates a shift toward more positive regulation, focusing on using the existing Australian Financial Services License regime to regulate platforms and stablecoins.
