Coinbase Urges Crypto Reform Ahead of Australia's May Election

As Australia's federal election approaches, Coinbase is urging voters to support crucial reforms for the country's crypto industry, warning that vague regulations could hinder the nation's competitiveness in global innovation. Coinbase's APAC Managing Director highlighted the need for the next government to take immediate action by establishing a crypto taskforce, addressing debanking issues, enabling stablecoin use, and clarifying tax regulations within the first 100 days. Despite high adoption rates among Australians, unclear policies are leading to the migration of talent and investment to countries with more favorable regulatory environments, like Singapore and Dubai. Coinbase stressed that the lack of a supportive regulatory framework risks Australia losing its edge in Web3 innovation and failing to nurture future industry leaders. The call to action comes as the Albanese government works on a regulatory framework, yet many in the industry feel it is not progressing fast enough. Coinbase's proposal indicates a growing recognition of the importance of the crypto vote in the upcoming elections, with 25-31% of Australians reportedly holding digital assets.