Crypto Policy Didn’t Occupy the Spotlight in Elections in Austria, Georgia

As a seasoned analyst with extensive experience following political developments across various continents, I find it intriguing to observe how different nations approach digital assets and cryptocurrencies during their elections. The recent elections in Austria and Georgia have demonstrated that these countries are not as focused on crypto policy debates compared to others like Japan or the U.S.

During their recent election, political figures in Austria, much like other member states of the European Union, abstained from engaging with the international discourse on crypto policy as a means to influence voters’ decisions. Similarly, prior to its weekend election, Georgia – an EU candidate country – remained silent on this topic.

Prior to their elections, countries like the U.K. and several others in Europe had already determined how they wanted to govern the cryptocurrency sector, leaving minimal discussion about it during their campaigns. However, in the United States, where exchanges have advocated for unique regulations, crypto has been a frequent topic of conversation ahead of the November 5th general election. In Japan, the need for crypto tax reform was emphasized by politicians before the general election that resulted in the loss of the ruling Liberal Democratic Party’s coalition’s majority.

In the European Union (EU), the discussion surrounding cryptocurrencies and digital assets is not typically tied to political parties, as pointed out by Mark Foster, EU policy lead at the Crypto Council for Innovation. This was clear during the recent EU Parliament elections where no major party emphasized crypto-related issues more than others.

In the most recent Austrian national election, the Freedom Party emerged victorious, securing a place in parliament. They garnered 29.2% of the votes, surpassing the ruling center-right People’s Party that earned 26.5%. The Freedom Party’s platform emphasized immigration and cost-of-living issues. However, other Austrian parties have expressed reluctance to collaborate with them, leaving President Alexander Van der Bellen to ask the current Chancellor, Karl Nehammer, to create a new government.

In Austria, politicians did not emphasize cryptocurrency discussions during their journey towards the Freedom Party’s parliamentary victory. Austria is a member of the European Union, a group of 27 countries that are currently implementing the Markets in Crypto Assets (MiCA) legislation, which are specific regulations for the crypto sector. The MiCA bill was passed into law last year and will be fully enforced starting from December.

2023 saw Georgia, a European Union candidate state, enact regulations mandating crypto businesses to register. Over the weekend, voters supported the Georgian Dream Party in elections, capturing approximately 54% of the vote. The election was positioned as a decision between deepening ties with Europe or Russia; therefore, voting for the Georgian Dream Party implied a leaning towards the latter. The opposition parties advocating for closer European ties are contesting the election results.

On the other hand, Georgia’s political opposition party, the United National Movement (UNM), has recently formed an alliance with Rarilabs to introduce a fresh blockchain technology application in public governance, ahead of the upcoming elections.