While the global debate on crypto policy continues to intensify, politicians in Austria and Georgia surprisingly chose not to focus on the issue during their recent elections. Unlike Japan, where crypto tax reform was a major talking point before the general election, the two European nations kept crypto off the agenda.
Austria’s Freedom Party Emerges Victorious
In Austria’s parliamentary election, the far-right Freedom Party (FPÖ) secured 29.2% of the vote, beating the ruling center-right People’s Party by a significant margin. The FPÖ’s policies centered around immigration and cost of living, but other Austrian parties have expressed their unwillingness to work with them. As a result, Austria’s President Alexander Van der Bellen has asked incumbent Chancellor Karl Nehammer to form a new government.
Crypto Policy: A Non-Partisan Issue in the EU?
Mark Foster, EU policy lead at the Crypto Council for Innovation, notes that crypto and digital assets policy is not a partisan issue in the European Union. This sentiment was reflected in the recent EU Parliament election, where no single party focused more on crypto issues.
Austria’s Compliance with EU Regulations
As a member of the European Union, Austria will be enforcing the Markets in Crypto Assets (MiCA) legislation, tailored rules for the sector. MiCA passed into law last year and will come fully into force in December. The Austrian government has shown its commitment to complying with these regulations by implementing registration requirements for crypto companies in 2023.
Georgia’s Ruling Party Secures Majority
In Georgia, which cooperates politically and economically as an EU candidate, the ruling Georgian Dream Party secured around 54% of the vote. The elections were portrayed as a choice between aligning further with Europe or Russia, with the ruling party representing the latter. However, pro-European opposition parties are disputing the results.
Crypto-Friendly Parties in Georgia
Despite the lack of emphasis on crypto policy during the election campaign, there was an interesting development in Georgia. The United National Movement (UNM), a political opposition party in Georgia, joined forces with Rarilab to release a new blockchain solution for public administration leading up to the election.
A Global Contrast
In contrast to Austria and Georgia, other European nations have already established their stance on crypto policy before their elections. For instance, the UK and others in Europe had already set out their regulatory framework for the sector, making it unnecessary for politicians to discuss crypto during the campaign.
The US: A Different Story
The United States stands out as a country where crypto has been a major talking point prior to the November 5 general election. Exchanges have been calling for bespoke rules, and crypto has been a contentious issue among politicians.
Conclusion
The elections in Austria and Georgia demonstrate that not all countries are prioritizing crypto policy during their electoral campaigns. While other European nations have already established their regulatory framework, there is still much to be discussed about the global approach to crypto policy. As the debate continues, it will be interesting to see how different countries choose to address this complex issue.
Recommendations for Policymakers
As policymakers around the world grapple with the complexities of crypto regulation, they would do well to consider the following:
- Ensure that regulatory frameworks are clear and consistent across jurisdictions
- Engage in international cooperation to address cross-border issues related to crypto
- Provide education and training for regulators, policymakers, and industry stakeholders
- Foster a collaborative environment between governments, industries, and civil society organizations
By taking these steps, policymakers can help create a stable and secure ecosystem for the growth of the crypto sector.
