Will Australia Finally Regulate Crypto? OKX CEO Sees Election as Key Moment!

Will Australia Finally Regulate Crypto? The Election May Shape the Future of Crypto!

According to the recently appointed CEO of cryptocurrency exchange OKX Australia, the upcoming federal election in Australia, which is scheduled for mid-May, may mark a significant turning point for institutional cryptocurrency engagement. According to Kate Cooper, CEO of OKX Australia, one of her hopes for the next election is the implementation of the cryptocurrency legislation that has been planned and discussed over the past two years. The Australian government declared in August 2022 that it would begin establishing a regulatory framework for the cryptocurrency sector by holding a series of discussions with stakeholders, investors, and industry players.

I think the industry as a whole has been crying out for clarity of regulation and also fit-for-purpose regulation,

Cooper

OKX Australia CEO: Clear Crypto Regulations Will Drive Institutional Adoption

Cooper says the current bull market has already brought in a lot of retail consumers, but more institutional use will result from clearer regulations. Cooper had positions as CEO of digital assets and head of innovation at NAB, a large Australian bank, and head of innovation at Westpac prior to taking over at OKX on March 6.

Certainly, when I was at NAB, the key barrier to really entering or moving beyond the proof-of-concept stage was regulatory clarity. I think for institutional adoption to take hold, we need regulatory clarity. I think for retail consumers, almost a third of Australians already hold some form of digital asset, mostly cryptocurrencies; they need protection.

Cooper

Will Australia’s Next Government Embrace Crypto?

Australia may soon experience a change of administration as a federal election is scheduled for May 17 at the latest. The center-left Labor Party, which now controls the government, and the center-right alliance are the two main candidates. The coalition leads the Labor government by a slim margin, 51% to 49%, according to the most recent YouGov survey.

A YouGov poll of 2,031 Australian voters conducted on February 19 revealed that 59% of current cryptocurrency investors are more likely to support a politician who supports cryptocurrency, suggesting that this group might be a significant voting bloc. Cooper believes a surge in stablecoin activity may ensue if the winning party were to enact legislation.

Globally, we saw 2024 as the year of the stablecoin, moving out of proofs-of-concept and into real-world applications. Assuming there’s clarity provided with a new regulatory framework, I know for a fact there are players in Australia who are poised to be able to jump on that opportunity.

Cooper

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