Australia’s Upcoming Election Could Pave the Way for Institutional Crypto Adoption: OKX Australia CEO

Kate Cooper, the newly appointed CEO of OKX Australia, has highlighted the potential for Australia's upcoming federal election to serve as a turning point for institutional cryptocurrency participation in the country. Speaking to Cointelegraph, Cooper emphasized that regulatory clarity is crucial to unlocking the full potential of institutional adoption in the crypto space, and she hopes that the election could usher in legislation that provides just that.

Regulatory Clarity Needed for Institutional Adoption

Australia’s federal election, set to take place on or before May 17, 2025, could be a pivotal moment for the country’s cryptocurrency landscape. Cooper expressed optimism that the election may bring the much-needed crypto legislation that has been in the works since 2022. In August of that year, the Australian government began consulting with industry stakeholders to draft a regulatory framework for the cryptocurrency sector.

“The industry has been crying out for clarity of regulation, and also for regulation that is fit-for-purpose,” said Cooper, who took over as OKX Australia’s CEO on March 6, 2025. “Regulatory clarity will be the key to unlocking greater institutional adoption of crypto.”

According to Cooper, the current crypto bull market has already attracted a surge of retail users. However, the real catalyst for institutional participation will be a well-defined regulatory framework that gives investors and institutions the confidence to engage with digital assets at scale.

A Background in Banking and Institutional Crypto

Before joining OKX, Cooper held significant roles in major Australian banks, including NAB (National Australia Bank) and Westpac. She also served as the Australian CEO of Zodia Custody, an institutional crypto platform. Her experience in both traditional banking and the crypto space has provided her with unique insights into the challenges facing institutional adoption of cryptocurrencies.

“In my previous roles at NAB and Westpac, the biggest barrier to advancing beyond the proof-of-concept stage was a lack of regulatory clarity,” Cooper explained. “Institutional adoption can’t take off without it. At the same time, retail consumers also need protection, as nearly a third of Australians already hold some form of digital asset.”

Election’s Impact on the Crypto Landscape

Australia’s political landscape is on the verge of a potential change, with the election set to determine whether the center-left Labor party or the center-right coalition government will take power. The latest polling shows the coalition with a narrow lead over the Labor government, with a 51% to 49% margin, according to YouGov.

An interesting development is the role that crypto investors could play in this election. A February 2025 YouGov survey revealed that 59% of current crypto investors are more likely to vote for a pro-crypto candidate. If the winning party chooses to implement crypto-friendly legislation, Cooper believes it could lead to a rapid expansion of activity in the sector, particularly in stablecoins.

“I foresee a proliferation of activity with stablecoins following the introduction of clear crypto legislation,” Cooper said. “2024 was the year stablecoins moved from proofs-of-concept to real-world applications, and I believe this trend will continue.”

Stablecoin Growth and Banking Adoption

Stablecoins have experienced significant growth in 2024, with annual transfer volume reaching $27.6 trillion, surpassing the combined volumes of Visa and Mastercard by 7.7%, according to a report from crypto exchange CEX.io. This surge in stablecoin usage has caught the attention of global financial institutions, including Australian banks, which are increasingly adopting crypto and digital assets as a new asset class.

“It’s been a long journey, but we are now seeing banks move towards tangible, real-world use cases for crypto,” Cooper remarked. “This shift is a sign of growing maturity in the sector, and as the first new asset class in 25 years, it’s clear that the financial community is ready to engage with digital assets.”

Australia’s Approach to Crypto Reserves

While the U.S. recently announced plans to create a national crypto reserve, Cooper noted that Australia is taking a more cautious approach. She explained that the current Australian government has no immediate plans to establish a crypto reserve. This conservative stance reflects Australia's “watch-and-see” approach, as policymakers observe how other countries, such as the U.S., navigate their crypto regulations.

While Cooper understands the government’s conservative approach, she believes that the incoming administration—regardless of the election outcome—must address how Australia will position itself as a leader in the digital economy. She urges policymakers to create a strategy that leverages blockchain technology’s potential to drive economic growth and innovation in Australia.

A Call for Action

As Australia prepares for its federal election, the crypto industry is hopeful that the incoming government will take decisive action to create a clear and comprehensive regulatory framework for digital assets. Kate Cooper’s insights reflect the sentiment shared by many in the crypto space: regulatory clarity is essential for fostering institutional adoption and ensuring the long-term success of Australia’s digital economy.

If the new administration acts swiftly and implements crypto legislation that provides the regulatory certainty institutions need, Australia could emerge as a key player in the global crypto market. For now, the crypto industry will be closely watching the election results and hoping for a regulatory environment that supports innovation and institutional involvement in the digital asset space.