The Australian crypto industry has expressed positivity after the recently re-elected government has appointed Pro crypto politician Andrew Charlton as deputy minister of digital economy, artificial intelligence and other aspiring technologies.
Prime Minister Anthony Albanese told reporters in Canberra during a press conference on May 12 that Charlton was the brand new deputy minister of science, technology and the digital economy with Tim Ayres, the Minister of Industry and Innovation.
According to Albanese, Ayres and Charlton will give guidelines and programs for promoting progress in emerging technologies, science, technology, innovation and digital economy.
Charlton has shown strong support for the industry up to now. During a speech in parliament last November, he urged himself to a balanced regulatory framework that promoted the expansion of the industries.
Cryptocurrency shapes the longer term of funds. Governments must support a balanced framework that promotes growth and at the identical time guarantees security and trust. Let's accept the opportunities of a digital economy! #Cryptocurrency #innovation @decustralia pic.twitter.com/av8l2da72g
– Andrew Charlton (@Charlton_ab) November 27, 2024
Jason Titman, CEO of Australian Crypto Exchange Swyftx, said with CoinTelegraph, Charlton's appointment is “clearly excellent news for crypto in Australia” and expects the “blockchain industry to cheer”.
“Andrew has a deep understanding of the blockchain, coupled with an actual belief in his potential to support the Australian economy,” said Titman.
Together with the brand new deputy treasurer Daniel Mulino, Titman hopes that Charlton hopes “almost pursuing laws by way of digital assets” since the industry has been waiting for “six or seven years for legislative clarity”.
The Australian crypto industry continues to grow
Vacul Talwar, head of the Australian arm of Crypto Exchange Crypto.com, said in a explanation sent to CoinTelegraph that Charlton's appointment was an indication of the growing importance of digital economy.
The “industry has grown” for the reason that previous elections in 2022, and it can be crucial in the present term of office of Parliament to “be certain that the digital economy continues to be initiated in traditional financing which are appropriate regulations.”
Around 31% of Australian adults own or own crypto, who’re around 6.2 million people, April 4, data from the independent reserve of Crypto Exchange, in comparison with 28% within the previous yr.
Around 6.2 million of the greater than 26 million population of Australia have obsessed or still owned crypto. Source: Independent reserve
Edward Carroll, head of the Global Markets and Corporate Finance on the Australian Krypto platform MHC Digital Group, said that Charlton has long recognized how vital it’s to advertise a constructive and modern financial ecosystem.
“His specific support for digital assets and the popularity of the transformative potential of blockchain technology and the necessity to manage it quickly and appropriate should help Australia to maintain pace with the rapidly developing global regulatory landscape,” said Carroll.
At the identical time, Damian Kassabgi, CEO of the Industry Advocacy Group Tech Council of Australia, explained in a press release on May 12 that the addition of the “digital economy” to the position of the ministry was a “strong signal for the federal government's commitment to this critical area of ​​future growth for jobs”.
On March 21, the re-elected Labor-Labor Party proposed a brand new crypto framework that regulated and promised the exchange in response to the present financial services laws to fight the debanking.
In the meantime in August 2022, quite a lot of industry consultations were also initiated to develop a crypto regulatory framework.
