"Australia's Election: Crypto's Turning Point?"

The upcoming federal election in Australia, scheduled for mid-May, could serve as a pivotal moment for institutional crypto participation, according to Kate Cooper, the newly appointed CEO of crypto exchange OKX Australia. Speaking to Cointelegraph, Cooper expressed her hope that the election would bring about the introduction of crypto legislation that has been in the works for the past two years.

In August 2022, the Australian government initiated consultations with industry players, investors, and stakeholders to draft a regulatory framework for the cryptocurrency sector. Cooper believes that the industry has been craving clarity and fit-for-purpose regulation, which would encourage greater institutional adoption. She noted that while there is already an influx of retail users due to the current bull market, regulatory clarity would further boost institutional involvement.

Cooper's background includes stints at major Australian banks NAB and Westpac, where she held executive and head of innovation roles, respectively. She also served as the Australian CEO of institutional crypto platform Zodia Custody. During her time at NAB, Cooper observed that regulatory clarity was the key barrier to entering or moving beyond the proof-of-concept stage for institutional crypto adoption.

A change of government could be on the horizon for Australia, with the federal election set to be held on or before May 17. The two major contenders are the center-right coalition and the current government, the center-left Labor party. The latest YouGov poll shows the coalition holding a slight lead over the Labor government, leading 51% to 49%.

Crypto investors could play a significant role in the election, with a Feb. 19 YouGov survey revealing that 59% of current crypto investors are more likely to vote for a pro-crypto candidate. If the victorious party were to implement legislation, Cooper predicts a proliferation of activity with stablecoins, as Australia could follow the global trend of stablecoins moving from proofs-of-concept to real-world applications.

Cooper also noted that the banking community is increasingly engaging with crypto and digital assets, marking the first new asset class in 25 years. While Australia's current ruling party has no plans to establish a crypto reserve, Cooper believes that the winning party should address how Australia will position itself as a leader in the digital economy and create a strategy to capitalize on blockchain's potential.