Australia’s upcoming May federal election could mark a turning point for institutional crypto adoption, according to OKX Australia’s newly appointed CEO, Kate Cooper. With crypto regulations already drafted and consulted on for two years, Cooper believes that a clear legislative framework could encourage banks, financial institutions, and large investors to enter the digital asset space with confidence.
In an interview with Cointelegraph, Cooper highlighted that while retail adoption of crypto is surging, institutional players have remained on the sidelines due to regulatory uncertainty. She emphasized the importance of fit-for-purpose regulation, which has been in discussion since August 2022, when the Australian government began consultations with industry stakeholders.
“I think the industry as a whole has been crying out for clarity of regulation,” Cooper stated. “For institutional adoption to take hold, we need regulatory clarity.”
Cooper’s extensive experience in Australia’s banking sector, including leadership roles at National Australia Bank (NAB), Westpac, and Zodia Custody, gives her unique insight into how regulation impacts institutional engagement.
With nearly one-third of Australians already holding crypto, Cooper argues that investor protections must be prioritized alongside institutional expansion.
The Election’s Impact on Crypto Policy
Australia’s election, expected to take place on or before May 17, could bring a shift in government. The latest YouGov poll shows the center-right coalition leading the center-left Labor Party 51% to 49%.
A pro-crypto administration could significantly accelerate regulatory developments. A February 19 YouGov survey of over 2,000 Australian voters found that 59% of crypto investors are more likely to vote for a candidate supporting digital assets—making them a potentially influential voting bloc.
If a regulatory framework is enacted, Cooper predicts a boom in stablecoin adoption, following global trends.
“Globally, we saw 2024 as the year of the stablecoin, moving out of proofs-of-concept and into real-world applications,” she noted.
Stablecoins have already seen massive adoption, with annual transaction volume hitting $27.6 trillion, surpassing Visa and Mastercard’s combined volume by 7.7%, according to a January 31 report.
While Australia’s ruling party currently has no plans to establish a national crypto reserve, banks have gradually warmed up to digital assets. Cooper believes financial institutions are recognizing crypto as the first new asset class in 25 years.
Unlike the United States, where President Donald Trump recently announced a national crypto reserve initiative, Australia has taken a conservative approach—observing global trends before making major policy commitments.
What’s Next for Australia’s Crypto Industry?
Regardless of which party wins the election, Cooper insists that the next government must address Australia’s position in the digital economy and craft a clear blockchain strategy.
With institutional interest rising, stablecoin adoption accelerating, and crypto-friendly voters gaining influence, the May election could be the key catalyst for Australia’s crypto regulatory breakthrough.
The question now is: Will Australia embrace digital assets as a global leader, or will it remain in a regulatory waiting game? The next few months could decide the future of institutional crypto adoption in the country.
