Australia’s crypto industry has expressed positivity after the recently reelected government named pro-crypto politician Andrew Charlton as assistant minister for the digital economy, artificial intelligence and other emerging technologies.
Prime Minister Anthony Albanese told reporters in Canberra during a May 12 press conference that Charlton would be the new assistant minister for science, technology and the digital economy, working with Tim Ayres, the minister for industry and innovation.
Ayres and Charlton will administer policies and programs promoting advancements in emerging technologies, science, technology, innovation and the digital economy, according to Albanese.
Charlton has shown strong support for the industry in the past. During a speech to parliament last November, he pushed for a balanced regulatory framework that encouraged industry growth.
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@DECAustraliapic.twitter.com/av8L2DA72g
Speaking to Cointelegraph, Jason Titman, CEO of Australian crypto exchange Swyftx, said Charlton’s appointment is “unequivocally good news for crypto in Australia,” and he expects the “blockchain industry is cheering.”
“Andrew has a deep understanding of blockchain, coupled with a genuine belief in its potential to support the Australian economy,” Titman said.
Along with the new assistant treasurer, Daniel Mulino, Titman says he hopes Charlton “ fast tracks legislation around digital assets,” because the industry has been waiting for “six or seven years for legislative clarity.”
Australian crypto industry continues to grow
Vakul Talwar, head of the Australian arm of crypto exchange Crypto.com, said in a statement sent to Cointelegraph that Charlton’s appointment is a sign of the growing importance of the digital economy.
Since the previous election in 2022, Talwar says the “industry has grown significantly,” and it’s important in the current term of Parliament to “ensure that as the digital economy continues to merge its way into traditional finance, appropriate regulations are in place.”
Around 31% of Australian adults own or have owned crypto, which is roughly 6.2 million people, April 4 data from crypto exchange Independent Reserve shows, up from 28% last year.
Roughly 6.2 million out of Australia’s more than 26 million population have owned or still own crypto. Source: Independent Reserve
Edward Carroll, head of global markets and corporate finance at Australian crypto platform MHC Digital Group, said that Charlton has long recognized the importance of fostering a constructive and innovative financial ecosystem.
“His specific support for digital assets and recognition of blockchain technology’s transformative potential, alongside the need to regulate it quickly and appropriately, should help Australia keep pace with the rapidly evolving global regulatory landscape,” Carroll said.
At the same time, Damian Kassabgi, CEO of industry advocacy group Tech Council of Australia, said in a May 12 statement that the addition of “digital economy” to the ministry position is a “strong signal of the Government’s commitment to this critical area of future growth for jobs.”
The reelected center-left Labor Party proposed a new crypto framework on March 21, regulating exchanges under existing financial services laws and has promised to tackle debanking.
Coinbase says it helped the US Secret Service seize $225 million in crypto allegedly stolen by scammers, the largest crypto seizure in the agency’s history.
Only five US senators out of the 11 typically on the digital assets subcommittee were available to ask questions about a potential market structure bill.
The UK will buy at least 12 F-35 stealth jets that can carry nuclear warheads in the most significant strengthening of its nuclear capability in a generation, the government has said.
Today, Sir Keir Starmer will tell a summit of NATO allies in The Hague that the new squadron will join an alliance mission that can be armed with US nuclear weapons.
The dramatic move will doubtless draw condemnation and concern from Russia and China.
But it comes at a time of growing global insecurity – and as the prime minister and his European and Canadian counterparts scramble to convince Donald Trump they are serious about bolstering their ability to defend Europe, instead of overly relying on the United States.
The US president, a long-standing NATO sceptic, raised questions about whether he would uphold the alliance’s founding Article 5 principle – that an attack on one is an attack on all – before he even arrived in the Dutch city last night.
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‘There’s numerous definitions of Article 5’
An urgent need to keep Mr Trump on side has prompted NATO allies to agree to increase spending on defence and national resilience to a new target of 5% of GDP by 2035.
As part of this push to rearm, Sir Keir will give the Royal Air Force the ability to carry airborne nuclear warheads for the first time since the 1990s.
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“In an era of radical uncertainty we can no longer take peace for granted,” he said.
“These F-35 dual capable aircraft will herald a new era for our world-leading Royal Air Force and deter hostile threats that threaten the UK and our allies.
“The UK’s commitment to NATO is unquestionable, as is the alliance’s contribution to keeping the UK safe and secure, but we must all step up to protect the Euro-Atlantic area for generations to come.”
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What is NATO’s 5% defence spending goal?
It was not immediately clear when the F-35 jets would be bought or how much they will cost, but the new squadron will be part of a NATO-led nuclear deterrence mission.
That is in contrast to the UK’s national nuclear deterrence, based on a fleet of four nuclear-armed submarines, though they too are used to defend the whole of the alliance.
Mark Rutte, the head of NATO, applauded the plan – saying: “The UK has declared its nuclear deterrent to NATO for many decades, and I strongly welcome today’s announcement that the UK will now also join NATO’s nuclear mission and procure the F-35A.
“This is yet another robust British contribution to NATO.”
Image: Sir Keir watches a demonstration by troops as he visits the Netherlands marines training base. Pic: AP
Aircraft operated by a small number of NATO countries, including Belgium, Germany and the Netherlands, are cleared to carry US-provided nuclear weapons in a war.
The RAF and the Royal Navy already operate F-35B jets that can fly off Britain’s two aircraft carriers, but they are not equipped to drop nuclear warheads.
The new planes will be the F-35A variant, operated by the air force, that take off from land but can fly further and be armed with nuclear or conventional weapons.
The government said they would all be based together at RAF Marham in Norfolk.
The government has long planned to purchase a total of 138 F-35 aircraft, but has so far only acquired around three dozen – seven years since the first jets entered service.
The decision to purchase 12 of the A-variant does not mean extra aircraft.
It just means a diversification in the fleet – something the RAF has long been pushing for – though it’s a decision some in the Royal Navy have long pushed back against, believing it would reduce even further the number of the B-version that operate from their carriers.