As Australia prepares for its federal election on May 3, Coinbase is calling on voters to demand stronger crypto policy reform, warning that regulatory stagnation could drive talent, innovation, and capital offshore. In a blog post published Monday, John O’Loghlen, Coinbase’s Managing Director for Asia-Pacific, criticized the country’s sluggish pace in formalizing a digital asset framework.
“It’s now 2025, and we still don’t have clear rules to support innovation, protect consumers, and attract long-term investment,” O’Loghlen wrote.
Despite Australia being one of the world’s most crypto-engaged nations—with an adoption rate of 31%, according to Coinbase—the country’s outdated policies, ambiguous tax laws, and persistent debanking practices are threatening its position in the global Web3 economy, the exchange warned.
A Five-Point Plan for Australia’s Crypto Future
In its pre-election statement, Coinbase outlined a five-point policy roadmap aimed at guiding the incoming government:
The exchange emphasized that without clear, ambitious reform, Australia risks falling behind other jurisdictions like Singapore, Dubai, and the U.K., which are increasingly attracting blockchain talent and capital with supportive regulatory environments.
“Talented Web3 builders are heading offshore,” said O’Loghlen.
“Every day, we’re seeing local capital and talent flow to friendlier jurisdictions.”
The Anthony Albanese led government has made some moves toward regulating digital assets, including proposed legislation that would mandate Australian Financial Services Licenses (AFSL) for exchanges and set new standards for stablecoins and custodial practices. The Treasury has also pledged to investigate and address debanking practices targeting crypto firms.
Still, Coinbase and other stakeholders argue the approach remains overly cautious. Despite a high rate of crypto awareness, most Australians—especially wealthier ones—are hesitant to fully embrace digital assets.
A March survey by the Digital Wealth Group found that while over half of respondents reported household incomes above A$150,000 ($97,500 USD), only 9.9% held more than A$300,000 ($195,000 USD) in crypto. Just 3% held portfolios worth more than A$1 million.
“This suggests that even wealthy Australians aren’t going all in on crypto—yet—they’re still just dabbling,” the group noted.
An Election That Could Shape Australia’s Crypto Future
With Prime Minister Anthony Albanese’s digital asset roadmap hanging in the balance and a potential hung parliament looming, the outcome of the May 3 election could significantly affect the pace and scope of crypto reform.
Coinbase’s call to action is part of a wider industry push to bring digital asset regulation into the national conversation—alongside key voter issues like inflation, housing, and healthcare.
“We believe Australia can be a Web3 powerhouse,” O’Loghlen said,
“But only if policymakers show the urgency and ambition the sector deserves.”
Quick Facts
- The election outcome could accelerate—or stall—progress on Australia’s crypto legislation.
- Coinbase is urging Australians to vote with crypto reform in mind during the May 3 federal election.
- The exchange released a five-point plan focusing on regulation, tax clarity, and startup support.
- 31% of Australians have held digital assets, but high-net-worth adoption remains limited.
