Australia\u2019s crypto industry has expressed positivity after the recently reelected government named pro-crypto politician Andrew Charlton as assistant minister for the digital economy, artificial intelligence and other emerging technologies.\u00a0<\/p>\n
Prime Minister Anthony Albanese told<\/a> reporters in Canberra during a May 12 press conference that Charlton would be the new assistant minister for science, technology and the digital economy<\/a>, working with Tim Ayres, the minister for industry and innovation.\u00a0<\/p>\n Ayres and Charlton will administer policies and programs promoting advancements in emerging technologies, science, technology, innovation and the digital economy, according to Albanese.\u00a0<\/p>\n Charlton has shown<\/a> strong support for the industry in the past. During a speech to parliament last November, he pushed for a balanced regulatory framework that encouraged industry growth.<\/p>\n Cryptocurrency is shaping the future of finance. Governments must support a balanced framework that encourages growth while ensuring security and trust. Let\u2019s embrace the opportunities of a digital economy! #Cryptocurrency<\/a> #Innovation<\/a> @DECAustralia<\/a> pic.twitter.com\/av8L2DA72g<\/a><\/p>\n \u2014 Andrew Charlton (@Charlton_AB) November 27, 2024<\/a><\/p>\n Speaking to Cointelegraph, Jason Titman, CEO of Australian crypto exchange<\/a> Swyftx, said Charlton\u2019s appointment is \u201cunequivocally good news for crypto in Australia,\u201d and he expects the \u201cblockchain industry is cheering.\u201d <\/p>\n \u201cAndrew has a deep understanding of blockchain, coupled with a genuine belief in its potential to support the Australian economy,\u201d Titman said.\u00a0<\/p>\n Along with the new assistant treasurer, Daniel Mulino, Titman says he hopes Charlton \u201c fast tracks legislation around digital assets,\u201d because the industry has been waiting for \u201csix or seven years for legislative clarity.\u201d\u00a0<\/p>\n Vakul Talwar, head of the Australian arm of crypto exchange Crypto.com, said in a statement sent to Cointelegraph that Charlton\u2019s appointment is a sign of the growing importance of the digital economy.\u00a0<\/p>\n Since the previous election in 2022, Talwar says the \u201cindustry has grown significantly,\u201d and it\u2019s important in the current term of Parliament to \u201censure that as the digital economy continues to merge its way into traditional finance, appropriate regulations are in place.\u201d<\/p>\n 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<\/a>, up from 28% last year.<\/p>\n Roughly 6.2 million out of Australia’s more than 26 million population have owned or still own crypto. Source: <\/em>Independent Reserve<\/em><\/a><\/p>\n Edward 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.<\/p>\n \u201cHis specific support for digital assets and recognition of blockchain technology\u2019s transformative potential, alongside the need to regulate it quickly and appropriately, should help Australia keep pace with the rapidly evolving global regulatory landscape,\u201d Carroll said.<\/p>\n At the same time, Damian Kassabgi, CEO of industry advocacy group Tech Council of Australia,\u00a0said<\/a>\u00a0in a May 12 statement that the addition of \u201cdigital economy\u201d to the ministry position is a \u201cstrong signal of the Government\u2019s commitment to this critical area of future growth for jobs.\u201d<\/p>\n Related: <\/strong><\/em>Industry calls for urgent crypto law reforms after Australian election<\/strong><\/em><\/a><\/p>\n The reelected center-left Labor Party proposed a new crypto framework on March 21<\/a>, regulating exchanges under existing financial services laws and has promised to tackle debanking.<\/p>\n Meanwhile, in August 2022, it also initiated a series of industry consultations<\/a> to draft a crypto regulatory framework<\/a>.<\/p>\nAustralian crypto industry continues to grow\u00a0<\/h2>\n