Australia has appointed Andrew Charlton as its new Assistant Minister for Science, Technology, and the Digital Economy, in addition to his role as Cabinet Secretary to develop cryptocurrency regulation.
Australia Appoints Assistant Cryptocurrency Minister
Prime Minister Anthony Albanese announced the appointment on Monday, describing Charlton’s strong economic background and global policy experience as ideal qualifications for the dual role. “He’ll be working closely with Minister Tim Ayres on the technological transformation of our economy—from AI to the future of work,” Albanese said during a press briefing.
The Crypto industry hailed the decision. Caroline Bowler, CEO of BTC Markets, described it as “a clear indication of the government’s intention to engage meaningfully with the sector.” She noted that Charlton has a solid grasp of the digital economy’s current scale and future trajectory, adding confidence that he will support a robust, forward-thinking infrastructure for the tech and crypto space.
Earlier this year, in his previous role as Special Envoy for Cyber Security and Digital Resilience, Charlton co-authored a policy roadmap with Assistant Treasurer Stephen Jones that laid the groundwork for a crypto licensing framework.
The proposed regulations are designed to align Australia with international standards, such as the EU’s MiCA regulations and Singapore’s Payment Services Act. MHC Digital Group, a Sydney-based crypto platform, said in a statement that Charlton’s stance on blockchain innovation, balanced with the urgency of appropriate oversight, places Australia to compete globally in digital finance.
Key elements of the reform include requiring major crypto platforms to secure an Australian Financial Services Licence, while exempting smaller, non-financial service providers. The Treasury has also highlighted the issue of “debanking,” where banks cut off services to crypto companies. To address this, officials have initiated talks with major financial institutions, aiming to improve clarity and risk management within the ecosystem.
A draft bill is expected later this year, with a reformed cryptocurrency guidance from the Australian Securities and Investments Commission (ASIC).
Australia’s efforts come as several countries step up their own ambitions to become leaders in the digital asset space. Singapore and Hong Kong are intensifying regulatory efforts to attract crypto businesses, while South Korea has made cryptocurrency a political issue, responding to its strong pro-crypto population. In the US, the crypto push continues at various levels of administration, thanks to the pro-crypto President Donald Trump. On Monday, New York City Mayor Eric Adams reaffirmed his vision of making the city the global hub of crypto innovation. The first-ever New York City Cryptocurrency Summit is set to be held at Gracie Mansion on May 20.
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