Australia’s Crypto Election: A Game Changer?
Australia is getting ready for its big federal election, and there’s a big change on the horizon that could shake up the country’s views on cryptocurrency. This election, happening on or before May 17, 2025, could be a turning point for crypto, according to Kate Cooper, the CEO of OKX Australia[3]. Let’s dive into how this election might affect crypto policies and how crypto investors could influence political decisions.
The Growing Crypto Voting Bloc
More and more Australians are investing in cryptocurrency. In fact, about 22% of voters, which is around four million adults, have invested in crypto[1][5]. And guess what? About 59% of these crypto investors are more likely to support candidates who are pro-crypto. That’s like having two million Australians who could form a strong voting bloc![1][5]
These crypto voters are usually young, well-off, and live in suburban areas. These regions often decide who wins elections, so the crypto voting bloc could be a game changer!
Politics and Crypto Policies
The political scene in Australia is pretty tight. The center-right Coalition, led by Peter Dutton, is slightly ahead of the incumbent Labor Party, led by Prime Minister Anthony Albanese[1][5]. The election could end up with a hung parliament, where no single party gets a majority. In this case, the crypto voting bloc could be the key to deciding who wins![5]
However, there’s a generation gap. Only 18% of voters over 50 are less likely to support pro-crypto politicians. So, the crypto sector needs to do a better job of communicating with older voters.[1][5]
Regulatory Clarity for Institutional Crypto Adoption
For big companies to start using crypto, we need clear rules. Cooper from OKX Australia says that while regular users are already into crypto, big companies need clear and useful regulations to move forward[3]. The Australian government has been working on these rules since August 2022, and the upcoming election could help get them implemented.[3]
What’s Next for Crypto in Australia?
The May election could be a big deal for crypto in Australia. With millions of crypto investors potentially influencing the outcome, this election could be like a referendum on how Australia deals with digital assets. No matter who wins, addressing the crypto regulations will be crucial to help crypto grow and innovate in Australia.
Sources: Bitget, Cointelegraph, IcoHolder