Australia appoints pro-encryption assistant minister, and executives in the encryption industry have expressed their welcome.

Source: Cointelegraph Original: "Australia Appoints Pro-Crypto Assistant Minister, Crypto Industry Executives Welcome the Move"

With the recent reappointment of government official Andrew Charlton, who supports cryptocurrencies, as Assistant Minister for Digital Economy, Artificial Intelligence, and other emerging technologies, the Australian cryptocurrency industry has expressed a positive attitude.

Prime Minister Anthony Albanese told reporters at a press conference in Canberra on May 12 that Charlton will serve as the new Assistant Minister for Science, Technology and the Digital Economy, working alongside Minister for Industry and Innovation Tim Ayres.

According to Albanese, Ayres and Charlton will be responsible for managing policies and projects that promote the development of emerging technologies, science, technology, innovation, and the digital economy.

Charlton has previously shown strong support for the industry. During a speech in Parliament last November, he called for the establishment of a balanced regulatory framework to encourage industry development.

Cryptocurrency is shaping the future of finance. Governments must support a balanced framework that encourages growth while ensuring security and trust. Let’s embrace the opportunities of a digital economy! #Cryptocurrency #Innovation @DECAustralia pic.twitter.com/av8L2DA72g

In an interview with Cointelegraph, Jason Titman, the CEO of the Australian cryptocurrency exchange Swyftx, stated that Charlton's appointment "is undoubtedly good news for the Australian cryptocurrency space," and he anticipates that "the blockchain industry is cheering for this."

"Andrew has a deep understanding of blockchain and sincerely believes in its potential to support the Australian economy," Titman said.

Together with the new Assistant Treasury Secretary Daniel Mulino, Titman expressed his hope that Charlton can "accelerate the advancement of digital asset legislation," as the industry has been "waiting for legislative clarity for six or seven years."

Vakul Talwar, head of Crypto.com's Australia division, stated in a statement sent to Cointelegraph that Charlton's appointment marks the growing importance of the digital economy.

Since the 2022 elections, Talwar pointed out that "the industry has achieved significant growth," and it is crucial to "ensure that an appropriate regulatory framework is established as the digital economy continues to integrate into the traditional financial sector" during the current parliamentary term.

According to data released by the cryptocurrency exchange Independent Reserve on April 4, approximately 31% of Australian adults currently or have previously held cryptocurrency, equivalent to about 6.2 million people, an increase from last year's 28%.

Edward Carroll, head of global markets and corporate finance at the Australian crypto platform MHC Digital Group, stated that Charlton has long been aware of the importance of nurturing a constructive and innovative financial ecosystem.

Carroll stated: "His special support for digital assets and recognition of the transformative potential of blockchain technology, along with the need for swift and appropriate regulation, will help Australia keep pace with the rapid changes in the global regulatory landscape."

At the same time, Damian Kassabgi, the CEO of the industry advocacy group Tech Council of Australia, stated in a statement on May 12 that the addition of "digital economy" to ministerial positions is a "strong signal of the government's commitment to this key area of future job growth."

The re-elected center-left Labour Party proposed a new cryptocurrency regulatory framework on March 21, planning to regulate exchanges based on existing financial services regulations and promising to address the issue of banks cutting off services.

At the same time, the party launched a series of industry consultations in August 2022, aiming to draft a regulatory framework for cryptocurrencies.

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