Australia's Crypto Industry Welcomes New Assistant Minister Andrew Charlton

Australia's crypto industry has expressed positivity after the recently reelected government named pro-crypto politician Andrew Charlton as assistant minister for the digital economy

Recently reelected government in Australia has named pro-crypto politician Andrew Charlton as assistant minister for the digital economy, artificial intelligence and other emerging technologies.

Prime Minister Anthony Albanese told reporters in Canberra during a May 12 press conference that Charlton completes the new ministry with his appointment as assistant minister for science, technology and the digital economy. He will be working with minister for industry and innovation Tim Ayres.

According to Albanese, Ayres and Charlton will administer policies and programs promoting advancements in emerging technologies, science, technology, innovation and the digital economy.

Charlton has shown 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.

Cryptocurrency is shaping the future of finance. Governments must support a balanced framework that encourages growth while ensuring security and trust. Let’s embrace the opportunities of a digital economy! #Cryptocurrency #Innovation @DECAustralia

Speaking 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 “quickly pulls the lever on advancing 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 further indication of the increasing 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 put 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.

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.

“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.

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.”

The 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 the issue of banks closing the accounts of crypto firms.

In August 2022, it also began a series of industry consultations to draft a crypto regulatory framework.