Crypto Regulation Finally on Australia’s Agenda No Matter Who Wins the Election

While crypto hasn’t been a hot topic during Australia’s 2025 federal election campaign, digital asset regulation is quietly poised for a breakthrough, regardless of which party forms the next government.

Despite earlier speculation that nearly 2 million pro-crypto voters could sway the election results, political leaders have largely avoided the topic. Adrian Przelozny, CEO of Independent Reserve, sees this as a missed opportunity: “It seems neither side wants to risk appearing too niche or divisive.”

The silver lining? Both the ruling Labor Party and the opposition Liberal Party have committed to implementing crypto regulations developed in close collaboration with the industry, marking a significant shift after over a decade of stagnation.

Promises of Action from Both Sides

Shadow Treasurer Angus Taylor recently pledged to unveil draft legislation for crypto regulation within the first 100 days if elected. Simultaneously, the Treasury has its draft proposals in the works, covering digital asset platform oversight and modernizing the payments system, with expected release timelines set for this quarter.

Amy-Rose Goodey, CEO of the Digital Economy Council of Australia, emphasized bipartisan momentum: “Whichever party wins, we’re in a better place now than we were last year.”

Notably, smaller political groups are stepping up, too. The Libertarian Party released a 23-page Bitcoin policy proposing a national Bitcoin reserve and legal tender status. Meanwhile, other parties like One Nation have focused on debanking and opposing central bank digital currencies (CBDCs), while the Greens have stayed silent on crypto policy.

A Long-Awaited Turning Point

Australia’s first digital asset inquiry dates back to 2014, but little meaningful regulation followed. That regulatory void has caused many crypto innovators to move overseas, with countries like Singapore and the UAE offering more supportive frameworks.

Although the previous Liberal government considered major crypto legislation, it lost office before introducing it. Labor, led by Prime Minister Anthony Albanese, has since failed to table formal bills until now. Treasury says new draft legislation will be released in 2025, followed by consultation and a phased rollout to minimize business disruption.

Treasurer Jim Chalmers acknowledged crypto’s economic potential, saying the government is aiming to foster innovation while safeguarding Australians. Still, critics say Labor has been slow to act. Shadow Assistant Treasurer Luke Howarth argues the government only acknowledged the need for regulation after the FTX collapse. “Their original promise to regulate by 2023 never materialized,” he noted.

Howarth compared Labor’s six-page placeholder document to the Liberal Party’s fast-track approach, including its commitment to finalize legislation within 100 days. He credits Senator Andrew Bragg’s 2023 bill and the Treasury’s ongoing work as the foundation for their policy.

Momentum Builds in Canberra

Treasury has significantly ramped up its efforts behind the scenes, reportedly doubling the size of its digital asset team. Goodey confirmed the draft legislation is nearly complete and said the agency is now prioritizing progress in this space.

Przelozny described Labor’s approach as “cautious but methodical,” focusing heavily on consumer protection. Caroline Bowler, CEO of BTC Markets, believes global developments such as U.S. and U.K. regulatory advances have pressured both major parties to act.

Coinbase’s John O’Loghlen echoed the urgency, calling on the next government to establish a Crypto-Asset Taskforce (CATF) within 100 days to get regulation over the line. “Australia risks falling behind if we don’t act now,” he said.

Meanwhile, ASIC—the country’s version of the U.S. SEC released its crypto regulatory framework last December. Joy Lam, Binance’s head of APAC legal, doesn’t expect ASIC to change direction drastically under a new government. “ASIC is independent and works within whatever legislative framework is provided,” she said.

Crypto Voters Have Influence

According to a YouGov poll from February, 59% of Australian crypto users would choose a pro-crypto candidate above all else—an audience potentially large enough to sway election results.

Both major parties appear to agree on the industry’s regulatory priorities. Goodey noted that recent media statements from Labor and Liberal alike reveal aligned language and shared goals around crypto policy.

While Senator Bragg’s long-standing support has made the Liberal Party the more vocal crypto advocate, Labor’s recent actions suggest it’s catching up. Polls currently favor Labor’s re-election, though internal Liberal data suggests a minority government could emerge.

Regardless of the outcome, bipartisan support means 2025 could finally be the year Australia delivers long-awaited clarity for its crypto industry.

“The timing is crucial,” Lam concluded. “The industry has waited years for direction, and now the window for meaningful action is wide open.”