Crypto Policy Largely Ignored in Recent Elections in Austria and Georgia

Overview

Political leaders in Austria and Georgia did not prioritize cryptocurrency policies to influence voters in their recent elections, unlike the focus seen in Japan.

Key Election Outcomes

Georgia's ruling party, the Georgian Dream Party, received the majority of votes.
In Austria, the far-right Freedom Party won the national parliamentary elections.

In many other countries worldwide, political parties had established their crypto approaches ahead of elections, contrasting with the situations in Austria and Georgia.

Political Context

Recent elections in both nations revealed a lack of interest in crypto discussions amidst critical issues like immigration and economic policies. While countries like the U.K. had clearly defined their regulatory stance on crypto before their elections, both Austria and Georgia missed a similar opportunity to engage the electorate on this topic.

International Perspectives

Politicians in countries such as Japan and the U.S. have actively addressed crypto issues ahead of their elections, with Japan’s ruling coalition highlighting the need for tax reform related to cryptocurrencies.

Mark Foster, the EU policy lead at the Crypto Council for Innovation, noted that crypto policy in the EU isn't a partisan issue, as evidenced during the recent EU Parliament election, where no party made crypto a priority.

Austrian Election Results

The recent election marked a significant victory for Austria's far-right, with the Freedom Party securing 29.2% of the votes, defeating the ruling People’s Party with 26.5%. The party's campaign largely revolved around tackling immigration and living costs. However, coalition discussions are hindered by other parties' reluctance to work with the Freedom Party.

Furthermore, Austria is moving towards implementing the Markets in Crypto Assets (MiCA) legislation, which has been passed into law and is set to take effect fully in December.

Georgia's Political Climate

Similarly, Georgia, with its candidate status in the EU, opted to regulate crypto businesses to comply with 2023 registration requirements. The ruling party's success reflected the choice between aligning more with Europe or leaning towards Russia, influencing the recent electoral outcomes.

Although political dynamics played a crucial role in the elections, technological advancements include partnerships for blockchain solutions aimed at enhancing public governance in Georgia, despite the political opposition to the results.