May Election: Key to Unlocking Institutional Crypto in Australia, Says OKX CEO

The upcoming federal election in Australia, scheduled for mid-May, may serve as a pivotal moment for institutional participation in the cryptocurrency market. This perspective comes from Kate Cooper, the recently appointed CEO of OKX Australia.

In an interview, Cooper expressed her desire for the new government to introduce a comprehensive crypto regulatory framework. This framework has been in development for two years, following the Australian government's announcement in August 2022 regarding consultations with industry professionals and stakeholders.

"The industry has been in dire need of clear and appropriate regulations," Cooper emphasized. While retail users are beginning to flow into the market due to the current bullish trends, she believes that clarity in regulations will accelerate institutional adoption significantly.

Before her leadership role at OKX, which she assumed on March 6, Cooper worked at major Australian banks like NAB and Westpac, focusing on digital assets and innovation. She has also been involved with Zodia Custody as the Australian CEO.

Reflecting on her experience at NAB, Cooper noted that the absence of regulatory clarity has often limited progress beyond initial concepts in the crypto space. "For institutions to fully engage with the crypto market, we absolutely need clearer regulations. Meanwhile, a significant portion of Australians, nearly one-third, already own some form of digital assets, primarily cryptocurrencies, and they need regulatory protection," she remarked.

As Australia approaches its federal election, the political landscape remains uncertain, with two main contenders: the center-right coalition and the current center-left Labor party. Recent polling data from YouGov indicates a narrow lead for the coalition over Labor, with a 51% to 49% split.

Interestingly, crypto investors are emerging as a notable voting demographic; a recent survey found that 59% of current crypto investors are more inclined to vote for pro-crypto candidates. Cooper anticipates that should the coalition win the election and introduce relevant legislation, there could be a surge in activity centered around stablecoins.

"We see 2024 as a crucial year for stablecoins, moving from conceptual stages to real-world applications. If a new regulatory framework is established, I can confirm that there are companies in Australia ready to seize that opportunity," she stated.

Cooper also pointed out that the banking sector is starting to treat crypto and digital assets as a legitimate asset class, a notable shift after a lengthy period of skepticism. "Banks are increasingly engaging in this space. We're transitioning towards tangible and practical use cases," she noted.

As the election nears, it appears that the ruling party is hesitant to establish a cryptocurrency reserve, a move that contrasts with recent initiatives announced by the U.S. government. Cooper clarified that Australia tends to take a more cautious approach and monitor developments in other countries before making such decisions.

Regardless of which political party wins, Cooper believes it is imperative for the new government to formulate a plan that positions Australia as a leader in the digital economy and effectively harnesses the potential of blockchain technology.

Australia, election, crypto