Political leaders in Austria and Georgia chose not to make cryptocurrency a focal point in their recent elections, unlike the approach taken in Japan. In Austria, the far-right Freedom Party emerged victorious in the parliamentary election, focusing on issues such as immigration and the cost of living. Despite being part of the European Union, Austria did not delve into discussions about cryptocurrency policies during the election campaign.
Similarly, Georgia, which is an EU candidate, did not emphasize crypto policies during its elections over the weekend. The ruling Georgian Dream Party secured the majority of votes, with the elections being framed as a choice between aligning with Europe or Russia. The pro-European opposition parties are contesting the election results.
While countries like the U.K. and other EU nations had already established their regulatory stance on cryptocurrencies before their elections, the U.S. and Japan took different approaches. In the U.S., discussions about crypto regulations were prominent leading up to the general election on November 5th. In Japan, the focus was on reforming crypto tax laws before the general election, which led to the ruling party losing its majority.
The European Union, on the other hand, did not see any single party placing a significant emphasis on crypto issues during the EU Parliament election. This indicates that crypto policy is not a partisan issue within the EU. The EU has already enacted the Markets in Crypto Assets (MiCA) legislation, which will come into full force in December.
In contrast, Georgia has implemented regulations requiring crypto companies to register by 2023, despite not highlighting crypto policies in its recent elections. The choice of the Georgian Dream Party by voters signifies a move towards aligning with Russia, as opposed to further aligning with Europe. The opposition parties are disputing the election results, with the United National Movement (UNM) collaborating with Rarilabs to introduce a new blockchain solution for public administration ahead of the election.
Overall, the lack of emphasis on crypto policies in the Austrian and Georgian elections highlights the varying approaches taken by political leaders in different countries. While some nations have already established their regulatory framework for cryptocurrencies, others are still in the process of defining their stance on this emerging asset class. The outcome of these elections and the subsequent governance decisions will have implications for the development and adoption of cryptocurrencies in these regions.