Source: Cointelegraph
Original: “Australia Appoints Pro-Crypto Assistant Minister, Crypto Industry Executives Welcome the Move”

With the recent re-election of the government appointing pro-cryptocurrency politician Andrew Charlton as Assistant Minister for the Digital Economy, Artificial Intelligence, and other emerging technologies, the Australian cryptocurrency industry has expressed a positive attitude.

Prime Minister Anthony Albanese told reporters at a press conference in Canberra on May 12 that Charlton will serve as the new Assistant Minister for Science, Technology, and the Digital Economy, working alongside Minister for Industry and Innovation Tim Ayres.

According to Albanese, Ayres and Charlton will be responsible for managing policies and projects that promote the development of emerging technologies, science, technology, innovation, and the digital economy.

Charlton has previously shown strong support for the industry. In a speech to Parliament last November, he called for a balanced regulatory framework to encourage industry development.

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 pic.twitter.com/av8L2DA72g

In an interview with Cointelegraph, Jason Titman, CEO of Australian cryptocurrency exchange Swyftx, stated that Charlton's appointment "is undoubtedly good news for the Australian cryptocurrency sector," and he expects "the blockchain industry is cheering for this."

"Andrew has a deep understanding of blockchain and genuinely believes in its potential to support the Australian economy," Titman said.

Alongside newly appointed Assistant Treasurer Daniel Mulino, Titman expressed hope that Charlton would "accelerate the advancement of digital asset legislation," as the industry has been "waiting for legislative clarity for six or seven years."

Vakul Talwar, head of the Australian division of cryptocurrency exchange Crypto.com, stated in a statement sent to Cointelegraph that Charlton's appointment marks an increasing recognition of the importance of the digital economy.

Since the 2022 election, Talwar noted that "the industry has seen significant growth," and it is crucial to "ensure that an appropriate regulatory framework is established as the digital economy continues to integrate into traditional finance" during the current parliamentary term.

According to data released by cryptocurrency exchange Independent Reserve on April 4, approximately 31% of Australian adults currently or have previously held cryptocurrency, equivalent to about 6.2 million people, an increase from last year's 28%.

Edward Carroll, head of global markets and corporate finance at Australian crypto platform MHC Digital Group, stated that Charlton has long recognized the importance of fostering a constructive and innovative financial ecosystem.

Carroll said, "His particular support for digital assets and recognition of the transformative potential of blockchain technology, combined with the need for rapid and appropriate regulation, will help Australia keep pace with the fast-changing global regulatory environment."

Meanwhile, Damian Kassabgi, CEO of the industry advocacy group Tech Council of Australia, stated in a statement on May 12 that the addition of "digital economy" to the ministerial position is a "strong signal of the government's commitment to this key area for future job growth."

The re-elected center-left Labor Party proposed a new cryptocurrency regulatory framework on March 21, planning to regulate exchanges under existing financial services regulations and committing to address the issue of banks cutting off services.

At the same time, the party launched a series of industry consultations in August 2022 aimed at drafting a cryptocurrency regulatory framework.

Related: Corporations are the biggest buyers of Bitcoin (BTC) this year, retail investors please step aside.

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