The newly appointed CEO of OKX Australia, Kate Cooper, stated that regulatory clarity remains key to driving widespread institutional adoption of crypto assets.
According to the new CEO of OKX Australia, the upcoming federal election in Australia, scheduled for mid-May, could be a pivotal turning point for institutional participation in crypto assets.
In an interview with Cointelegraph, Cooper expressed an important expectation for the upcoming election: the hope to introduce cryptocurrency regulatory legislation that has been designed and widely consulted over the past two years.
As early as August 2022, the Australian government announced it would initiate a series of consultation meetings with industry participants, investors, and stakeholders to draft a regulatory framework for the cryptocurrency industry.
Source: Kate Cooper
"I believe the entire industry has been calling for a clear and truly industry-appropriate regulatory framework," Cooper stated.
She added that the current bull market has attracted a wave of retail investors, but clear regulatory policies will be the catalyst for driving large-scale institutional entry.
Before officially taking office as CEO of OKX Australia on March 6, Cooper served as the head of digital assets and innovation at Australia's major bank NAB and was the head of innovation at Westpac. She also held the position of CEO of the Australian division of institutional crypto custody platform Zodia Custody.
She stated, "During my time at NAB, I realized that the greatest barrier preventing institutions from entering or making it difficult for projects to move from the proof-of-concept stage to practical application is the uncertainty of the regulatory environment."
"The prerequisite for institutional investment is regulatory clarity. As for retail investors, nearly one-third of Australians currently hold some form of digital asset, primarily cryptocurrencies, and they also need better protection."
Currently, Australia's federal election is expected to be held on or before May 17, which also means that the government may soon undergo a transition.
The two main competitors are the center-right Coalition and the current center-left Labor Party. The latest YouGov poll shows the Coalition slightly leading the Labor Party with 51% to 49%.
YouGov's latest data predicts that the Coalition will slightly lead the Labor government. Source: YouGov
Notably, crypto investors may become an influential voting bloc. According to a YouGov survey of 2,031 Australian voters conducted on February 19, 59% of existing crypto investors indicated they are more likely to vote for pro-crypto candidates.
If the winning party ultimately pushes for legislation, Cooper predicts that Australia's stablecoin market will experience explosive growth.
She stated, "In 2024, we have already seen the world entering the 'year of stablecoins,' with stablecoins gradually moving from proof-of-concept to practical application."
"If the new regulatory framework can provide clear rules, I am very confident that some participants in the Australian market are already well-prepared to seize this opportunity."
Stablecoins achieved explosive growth in 2024. According to a report from crypto exchange CEX.io on January 31, the annual transfer volume of stablecoins reached $27.6 trillion, even surpassing the total of Visa and Mastercard by 7.7%.
Cooper also mentioned that Australia's banking sector has begun to engage more broadly with crypto and digital assets, marking the first time in 25 years that a new asset class has emerged.
"This journey has been long, but the maturity of banks is indeed gradually increasing, and we are moving from the conceptual stage to real application scenarios," she added.
However, ahead of the election, there is a general perception that the current ruling party in Australia has no plans to establish a crypto reserve, contrasting sharply with U.S. President Trump's announcement on March 2 to establish a strategic Bitcoin reserve.
Cooper believes this decision is understandable, as "Australia has always taken a more conservative approach, observing the actions of other jurisdictions before taking action."
But she also stated that regardless of who wins this election, the new government needs to clarify Australia's position in the global digital economy and develop a strategy to fully tap into the potential of blockchain technology.
Related: Bitwise: Trump's cryptocurrency reserve may be primarily in Bitcoin, exceeding expectations.
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