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OKX Australia CEO Predicts “Proliferation” of Stablecoin Use Post-Election, If Laws Keep Up
- OKX Australia CEO, Kate Cooper, said she’s hopeful ‘fit-for-purpose’ regulation of digital assets will be implemented in Australia following this year’s federal election.
- If it happens, Cooper believes we could see “a proliferation of activity with stablecoins” as the way is cleared for banks and other institutions to fully adopt the technology.
- Research from Swyftx and polling firm YouGov shows 3.9 million Aussies own crypto and of those 59% says they’d vote for the most pro-crypto candidate.
Kate Cooper, the newly appointed CEO of cryptocurrency exchange OKX Australia, has said that if digital asset regulation is prioritised by the winner of the upcoming federal election we could see a sudden boom for cryptocurrencies in Australia.
Speaking to Cointelegraph, Cooper said she hopes to see crypto legislation introduced into parliament shortly after the election, regardless of who wins, following a lengthy two-year period of development and industry consultation that began in early 2023.
In Cooper’s view, institutional use of stablecoins in particular could soar if ‘fit-for-purpose’ crypto regulation is implemented. Citing her experience working at some of Australia’s largest banks, she said lack of regulatory clarity was one of the major impediments to institutional adoption of stablecoins to date.
Certainly, when I was at NAB, the key barrier to really entering or moving beyond the proof-of-concept stage was regulatory clarity. I think for institutional adoption to take hold, we need regulatory clarity.
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Regulatory Clarity Will Drive Institution Adoption, Says Cooper
While Aussie retail investors have been happy to take the plunge into cryptocurrencies even without proper regulation, institutions have been much more wary.
And she should know. Before being appointed CEO of OKX Australia, Cooper previously had stints at two of Australia’s biggest banks — serving firstly as Head of Innovation at Westpac from 2016-2020 and later as Executive, Digital Assets at NAB from 2022-2025.
Cooper believes that if the incoming government properly regulates digital assets “a proliferation of activity with stablecoins” could follow, as banks and other institutions adopt the technology.
The new OKX Australia CEO said that could see Australia catch up with global institutions, many of which began large scale adoption of stablecoins throughout 2024:
Globally, we saw 2024 as the year of the stablecoin, moving out of proofs-of-concept and into real-world applications. Assuming there’s clarity provided with a new regulatory framework, I know for a fact there are players in Australia who are poised to be able to jump on that opportunity.
Kate Cooper, CEO of OKX Australia Cooper said she’s confident Australian banks will be keen to ramp up their ‘real-world’ stablecoin use should crypto legislation pass parliament:
It’s been a long journey, but certainly, we’re seeing an increased maturity in banks adopting. I think we’re moving […] to tangible, real-world use cases.
Kate Cooper, CEO of OKX Australia Crypto Voters Could Have Big Impact on Election Outcome
Political progress on digital assets is also poised to be an important vote-decider. Research from polling firm YouGov and crypto exchange Swyftx suggests crypto-focussed voters could help determine the outcome of the election. The research found that:
- 3.9 million Aussies currently own some form of cryptocurrency; and
- Of those, 59% say they’ll vote for whichever party is the most pro-crypto.
Swyftx CEO, Jason Titman, said this was the first time crypto voters have wielded this level of political power:
For the first time in our political history we’re about to enter a federal election with a crypto voting bloc that’s big enough and motivated enough to swing the result.
Jason Titman, CEO of Swyftx Related: Could The Election Hinge on Aussie Crypto Voters? Poll Results Point to Yes
The most recent election polling from YouGov suggests the Coalition is currently best placed to win the election, although it appears unlikely either party will achieve a parliamentary majority meaning whoever wins will likely need to work with crossbenchers to pass legislation.
Author
Jody McDonald
Jody is a Brisbane-based freelance writer who specialises in writing about business, technology, and the future of work.
