- Coinbase urges Australian voters to back crypto reform in upcoming May 3 federal election, citing “underdeveloped” regulatory environment.
- The exchange outlines five key actions for the next government, including launching a crypto taskforce and addressing debanking issues.
- Despite Australia having 31% crypto adoption rate, talent and capital are leaving for more crypto-friendly jurisdictions like Singapore and Dubai.
Coinbase has issued a call to action for Australian voters ahead of the May 3 federal election, warning that the ballot could determine the future of cryptocurrency in the country. John O’Loghlen, Coinbase’s Managing Director for APAC, criticized Australia’s "frustratingly vague and underdeveloped" crypto policy environment in a blog post published Monday.
"It’s now 2025, and we still don’t have clear rules to support innovation, protect consumers, and attract long-term investment," O’Loghlen stated. The exchange outlined five urgent steps for the incoming government, including establishing a crypto taskforce within its first 100 days, addressing the country’s debanking problem, enabling stablecoin use, and providing tax clarity for Web3 developers.
Despite Australia’s impressive 31% crypto adoption rate, which places it among global leaders, regulatory uncertainty is driving innovation offshore. O’Loghlen warned that "talented Web3 builders are heading offshore" with "local capital and talent flow to friendlier jurisdictions like Singapore and Dubai" occurring daily.
The appeal comes as Prime Minister Anthony Albanese’s government works to implement a regulatory framework for digital assets. In March, the Australian Treasury revealed plans requiring major exchanges to obtain Australian Financial Services Licences and issued guidance on stablecoin oversight and custody services.
Election Implications for Crypto
The May 3 election, confirmed just weeks ago, presents a tight contest with Albanese’s Labor party defending a slim majority. Polls suggest either major party might need to collaborate with independents or minor parties to form a government.
While cost-of-living concerns, housing, and healthcare dominate campaign discussions, Coinbase is pushing for crypto policy to become a key election issue. The exchange argues that the next government must move "beyond consultation and into legislation" as Australia "can’t risk falling further behind" in crypto innovation.
Australian Crypto Adoption Trends
New data from Digital Wealth Group, an Australia-based educational platform, provides insight into local crypto investment behaviors. Their survey of 696 members revealed only 9.9% held more than $195,000 (A$300,000) in cryptocurrency, despite 55% reporting household incomes exceeding $97,500 (A$150,000).
"This suggests that even wealthy Australians aren’t going all in on crypto—yet—they’re still just dabbling," the group noted. A mere 3% of respondents reported crypto portfolios valued above $650,000 (A$1 million).
O’Loghlen expressed concern that Australia is losing its competitive edge, noting it’s "unlikely the world’s next Coinbase or Circle will be founded in Australia," not because of talent shortage, but because the country "lacks the ambition and urgency to support them."
✅ Follow BITNEWSBOT on Telegram, Facebook, LinkedIn, X.com, and Google News for instant updates.
Previous Articles:
- XRP Breaks Rising Wedge Pattern, Signals Bearish Shift After $1.60 Dip
- Buterin Warns: Privacy Key as Global Assumptions Falter
- Woman Loses $80,000 in Crypto Scam, Devastating Anniversary Surprise
- Healthcare Firm Plans $500M Offering to Boost Bitcoin Holdings
- Nvidia and Bitcoin Fall After $5.5B Charge Related to Trump’s China Ban
