Coinbase’s call to action, urging the voters to help progress digital asset reform in Australia next month, could determine the future of cryptocurrency.
John O’Loghlen is Coinbase’s APAC Managing Director. He warned in an article that, despite the growing interest in crypto, Australia’s “policy environment” for digital assets remains vague and undeveloped. blog post On Monday,
O’Loghlen noted that, “In 2025, we are still lacking clear regulations to promote innovation, protect consumer interests, and encourage long-term investing.”
Coinbase listed five steps the government must take immediately. They include creating a crypto taskforce within the first hundred days and tackling debanking in China.
As many as 31% of Australians are currently holding a job. The post stated that regulatory paralysis was driving capital and talent abroad.
O’Loghlen reported that “talented Web3 developers are moving offshore.” Every day we see local talent and capital flow into more friendly jurisdictions such as Singapore and Dubai.
O’Loghlen warned that Australia could lose its advantage in Web3 innovations. He noted it’s unlikely the next Coinbase, or Circle, will be established in Australia, and not because of a shortage of talent but rather due to the lack “of ambition and urgency” to support such companies.
Platform’s appeal comes at a time when Prime Minister Anthony Albanese’s government is trying to implement a regulatory structure.
Australia's plan
This March, Treasury plans The Australian Financial Services Licence was required for major exchanges, and guidelines were issued on the oversight of stablecoins and the custody services.
Coinbase described this as treating everyday Australians “like criminals”. The agency has also promised to combat debanking, working with banks in order to promote fairness and transparency.
The Digital Wealth Group, an Australian educational platform that offers crypto-related data and insights.
A survey of 696 participants found that only 9.9% had more than $195,000 in cryptocurrency, even though 55% reported household incomes above $97.500 (A$150.000).
“This suggests that even wealthy Australians aren't going all in on crypto—yet—they're still just dabbling,” the group said. Only 3% had portfolios over $650,000 (A$1million).
Just a few weeks ago, the crypto exchange made a statement. You can also check out our other articles. Australians vote for a tight-contested election on May 3.
The polls show that Labor has a small majority and either party might be forced into working with independents or smaller parties in order to form the government.
Coinbase wants crypto to be a major part of the discussion, even though the cost of living, healthcare, and housing dominates the current campaign.
Exchange says that the government should “go beyond consultations and legislation”, as Australia can’t afford to fall behind in terms of crypto-innovation.
Sebastian Sinclair edited the book
