The Australian crypto industry urges the reelected Labor government to prioritize digital asset legislation following its significant electoral victory on May 3, where it secured 54.9% of the vote. Notable figures from the industry, including Binance’s Joy Lam and Coinbase’s John O’Loghlen, emphasize the necessity of swift action to establish a Crypto-Asset Taskforce within the government’s first 100 days. They highlight the risk of Australia lagging behind other regions that are advancing in crypto regulation, such as the US and EU. The Treasury plans to release drafts for regulating digital asset platforms and payment systems by June, although there are doubts about the timeline. The industry shows cautious optimism for reforms, noting recent government acknowledgment of existing frameworks like the Australian Financial Services License as a guide. Other industry experts stress the importance of a clean licensing framework to address banking issues with crypto intermediaries. Overall, there's a push for reforms that protect consumers and foster innovation in Australia's digital asset landscape.

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