Australia's Crypto Industry Cheers Andrew Charlton's Appointment

Australia's crypto industry has welcomed the appointment of Andrew Charlton as the new assistant minister for the digital economy, artificial intelligence, and other emerging technologies. Prime Minister Anthony Albanese announced the appointment during a press conference in Canberra on May 12, stating that Charlton would work alongside Tim Ayres, the minister for industry and innovation, to promote advancements in these areas.

Charlton has previously demonstrated strong support for the crypto industry. In a speech to parliament last November, he advocated for a balanced regulatory framework that encourages industry growth while ensuring security and trust. His appointment has been met with enthusiasm from industry executives, who see it as a positive step for the future of crypto in Australia.

Jason Titman, CEO of Australian crypto exchange Swyftx, expressed his optimism, stating that Charlton's appointment is "unequivocally good news for crypto in Australia." Titman highlighted Charlton's deep understanding of blockchain technology and his belief in its potential to support the Australian economy. He also hopes that Charlton will expedite legislation around digital assets, an area where the industry has been awaiting clarity for several years.

Vakul Talwar, head of the Australian arm of crypto exchange Crypto.com, echoed similar sentiments, noting that Charlton's appointment signifies the growing importance of the digital economy. Talwar emphasized the need for appropriate regulations as the digital economy continues to integrate with traditional finance.

Edward Carroll, head of global markets and corporate finance at Australian crypto platform MHC Digital Group, praised Charlton's recognition of the importance of fostering a constructive and innovative financial ecosystem. Carroll believes that Charlton's support for digital assets and blockchain technology will help Australia keep pace with the global regulatory landscape.

Damian Kassabgi, CEO of industry advocacy group Tech Council of Australia, also welcomed the addition of "digital economy" to the ministry position, viewing it as a strong signal of the government's commitment to this critical area of future growth for jobs.

The reelected center-left Labor Party has proposed a new crypto framework, regulating exchanges under existing financial services laws and promising to address debanking. Additionally, the government initiated a series of industry consultations in August 2022 to draft a comprehensive crypto regulatory framework.