Let’s embrace the opportunities of a digital economy! #Cryptocurrency #Innovation @DECAustralia pic.twitter.com/av8L2DA72g— Andrew Charlton (@Charlton_AB) November 27, 2024Speaking to Cointelegraph, Jason Titman, CEO of Australian crypto exchange Swyftx, said Charlton’s appointment is “unequivocally good news for crypto in Australia,” and he expects the “blockchain industry is cheering.” “Andrew has a deep understanding of blockchain, coupled with a genuine belief in its potential to support the Australian economy,” Titman said. Along with the new assistant treasurer, Daniel Mulino, Titman says he hopes Charlton “ fast tracks legislation around digital assets,” because the industry has been waiting for “six or seven years for legislative clarity.” Australian crypto industry continues to grow Vakul Talwar, head of the Australian arm of crypto exchange Crypto.com, said in a statement sent to Cointelegraph that Charlton’s appointment is a sign of the growing importance of the digital economy. Since the previous election in 2022, Talwar says the “industry has grown significantly,” and it’s important in the current term of Parliament to “ensure that as the digital economy continues to merge its way into traditional finance, appropriate regulations are in place.”Around 31% of Australian adults own or have owned crypto, which is roughly 6.2 million people, April 4 data from crypto exchange Independent Reserve shows, up from 28% last year.Roughly 6.2 million out of Australia's more than 26 million population have owned or still own crypto.
At the same time, Damian Kassabgi, CEO of industry advocacy group Tech Council of Australia, said in a May 12 statement that the addition of “digital economy” to the ministry position is a “strong signal of the Government’s commitment to this critical area of future growth for jobs.”Related: Industry calls for urgent crypto law reforms after Australian electionThe reelected center-left Labor Party proposed a new crypto framework on March 21, regulating exchanges under existing financial services laws and has promised to tackle debanking.
Source: Independent ReserveEdward Carroll, head of global markets and corporate finance at Australian crypto platform MHC Digital Group, said that Charlton has long recognized the importance of fostering a constructive and innovative financial ecosystem.“His specific support for digital assets and recognition of blockchain technology’s transformative potential, alongside the need to regulate it quickly and appropriately, should help Australia keep pace with the rapidly evolving global regulatory landscape,” Carroll said.
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Author / Journalist: Cointelegraph by Stephen Katte
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