The Australian Labor Party (ALP) has appointed Andrew Charlton, a member of Parramatta, as Assistant Minister for Science, Technology, and the Digital Economy as part of the government’s push for clear guidelines for crypto traders. The ALP beat its conservative rivals, the Coalition, and is now reshuffling its cabinet. Prime Minister Anthony Albanese announced the appointment, citing Charlton’s strong credentials as an economist. Albanese pointed out that a digital economy will profoundly impact how Australians work and live.
Charlton will work alongside his colleague Tim Ayres, the Minister for Industry and Innovation. However, Charlton will focus his attention on digital assets and regulation. Albanese announced that Charlton will also promote emerging technologies and innovations. Charlton has shown a positive attitude towards cryptocurrencies, making a speech last November about developing balanced policies for crypto and encouraging industry growth.
Charlton is a Rhodes scholar, joining the ranks of previous Australian prime ministers such as Bob Hawke, Tony Abbott, and Malcolm Turnbull. Charlton sold his economics firm, Accenture, in 2020 for $35.8 million. Australian political parties value wealthy candidates because they can pay for their campaign, which becomes essential during an economic downturn. Charlton entered politics through a Labor-aligned law firm. Charlton resembles former Prime Minister Malcolm Turnbull in many ways and could be a future candidate for PM himself. Turnbull, who could still make a comeback, made his money as a trader in Siberian and Chinese mines. If this is the case, one may expect Charlton to blend digital assets with conservation and ecological technology, possibly using blockchains to conduct carbon accounting.
In March, Charlton joined Treasurer Jim Chalmers to publish a regulatory framework for digital assets. The document signalled a positive switch for the Australian government to collaborate with industry leaders and support local crypto projects. Australia is currently struggling with a cost-of-living crisis and a housing market that is not sustainable in terms of affordability. Charlton described his regulatory approach as enhancing economic dynamism and increasing competitiveness. For Charlton, cryptocurrency is an opportunity to help Australia survive a financial crisis and boost local startups. Charlton suggested changes to government oversight of digital assets, including a review of the Enhanced Regulatory Sandbox, and exploring the benefits of crypto for financial markets. The Australian Tax Office (ATO) has also been included in the new approach to digital assets. The ATO found that existing tax categories can accommodate cryptocurrencies. Charlton has also established an ATO group to provide crypto businesses with more guidance regarding tax procedures.
The Independent Reserve, an Australian exchange, released April 2025 data, providing a snapshot of the Australian crypto market. Their data shows that 31% of Australians, or 6.2 million people, own cryptocurrency, up from the previous year of 28%. The majority of these investors at 70% are buying Bitcoin. At the same time, Ethereum makes up 29.8% of the people investing. Younger people aged 25-34 vastly dominate the market, with 53% of investors coming from this demographic. There also exists a gender disparity, with around 40% of male respondents investing in crypto, while only 20% of female respondents invest. Self Managed Superannuation Funds (SMSF) are also very popular in Australia, with 36.4% of SMSF holders likely to invest in Bitcoin, and 18% interested in adding Bitcoin to their SMSF, particularly amongst younger workers.
Source: https://zycrypto.com/australian-government-appoints-pro-crypto-mp-andrew-charlton-as-assistant-minister-for-science-technology-and-the-digital-economy/