- Coinbase, one of the world’s largest centralised exchanges, has released a blog post urging Australia to step-up its leadership regarding crypto protections and innovations.
- The blog details how the Australian federal election in early May is a great opportunity to implement changes.
- Coinbase outlines 5 key steps which should be taken, including the stigma against crypto users who are unjustly experiencing debanking.
Coinbase is urging Australia to make bolder moves regarding the crypto industry to establish itself as a leader in the digital assets space.
Australia is set to vote in our federal elections on the 3rd of May 2025. Crypto has become an important issue for some voters worldwide. This was seen during the recent US election, where Trump garnered the crypto vote.
According to Coinbase, approximately 25 – 31 percent of Australians have owned or currently hold digital assets, indicating the crypto vote in Australia could become an increasingly important bloc to be aware of.
The Coinbase blog outlines several tangible steps which Australia could take to improve its standing within the digital assets space.
What Changes Does Coinbase Recommend?
The Coinbase blog stipulates that a lack of regulation and legislation regarding the digital assets industry is harming consumers, investors, and founders. This results in innovation being pushed offshore into more friendly regulatory environments, such as Singapore or Dubai.
Coinbase outlined 5 actionable steps that the Australian Government could take to establish itself as a leader rather than a laggard in the digital assets industry.
The first step involves the new Australian government launching a crypto task force within the first 100 days in office. This would establish Australia as a crypto hub and fast-track crypto legislation to provide regulatory clarity and the enablement of innovation.
Next, Coinbase mentioned the issue of debanking. Crypto users are being demonised for using crypto by being locked out of their bank accounts, despite having done nothing wrong. Meanwhile, some of these same banks are themselves trading crypto through their institutional desks.
The next action involves enabling crypto-backed financial services in Australia such as borrowing, investing, etc.
Providing a path for stablecoin adoption is the fourth action recommended by Coinbase as a means to modernise the payments system.
Related: Tether Joins Ocean Mining Pool to Boost Bitcoin Network Decentralisation
The final action is to actively make Australia a home for web3 entrepreneurs by creating an environment which supports crypto innovation. This could involve startup incentives, tax clarity, and blockchain grants.
Further Information
Coinbase has noted that Australia has a history of meaningful financial reforms including the Superannuation Guarantee in 1992.
The Australian government has just last month outlined a crypto regulation plan, which holds promise for a call to action against debanking crypto customers.
Despite tumultuous times in the markets, there has been a global expansion of a more friendly regulatory stance towards digital assets. Whether the Australian election can result in changes being made here in Australia remains to be seen.
Related: US Eyes Bitcoin Reserves Funded by Tariffs and Gold Revaluation, Not Taxpayers
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