Austria and Georgia Elections: Crypto Policy Not on the Radar

Political Landscape in Austria and Georgia: Crypto's Influence in Recent Elections

In the backdrop of recent elections in Austria and Georgia, the role of cryptocurrency as a political tool has emerged as a noteworthy topic. According to CoinDesk, politicians in these nations did not leverage cryptocurrency to sway voters, a stark contrast to strategies employed in countries like Japan.

The Austrian Elections: A Focus on Traditional Issues

Austria's recent parliamentary election witnessed the rise of the far-right Freedom Party, which achieved 29.2% of the votes, overshadowing the ruling center-right People’s Party at 26.5%. The Freedom Party's campaigning predominantly addressed immigration and the rising cost of living, with minimal emphasis on cryptocurrency issues. Political collaboration with other parties remains uncertain, as many are reluctant to align with the Freedom Party. Furthermore, President Alexander Van der Bellen has mandated Chancellor Karl Nehammer to establish a new government amidst this shifting political landscape.

The Status of Crypto Regulation in Austria

Austria, aligning with other European Union nations, has maintained a low profile in discussing cryptocurrency amidst the election. The country is gearing up to enforce the Markets in Crypto Assets (MiCA) legislation, anticipated to fully come into force in December 2023, indicating a gradual and structured approach to crypto regulations.

Georgia's Political Stance and Crypto Integration

In Georgia, the ruling Georgian Dream Party captured approximately 54% of the votes, positioning itself as the prevailing force in a politically charged environment framed around the decision to align further with Europe or Russia. While crypto policy did not serve as a focal point in the election, it remains a significant aspect of Georgia's legislative changes enacted recently.

Recent Developments in Georgia's Crypto Regulation

Georgia has instituted regulations requiring crypto companies to register as of 2023, marking its active involvement in shaping the cryptocurrency landscape. The consequences of the election are still unfolding, as pro-European opposition parties, such as the United National Movement (UNM), contest the electoral results. In a notable collaboration ahead of the elections, the UNM partnered with Rarilabs to unveil a blockchain solution aimed at enhancing public administration.

Contrast with Other Nations: Japan's Crypto Policy Impact

While Austria and Georgia remained largely mute on cryptocurrency during their electoral processes, Japan presented a contrasting scenario where crypto policy became a pivotal topic. Japanese politicians sought to reform crypto taxes before their general elections, resulting in significant electoral repercussions for the ruling Liberal Democratic Party, which ultimately lost its majority.

Broader European Trends in Crypto Policy

Mark Foster, EU policy lead at the Crypto Council for Innovation, emphasizes that cryptocurrency and digital asset policies within the EU are not strictly partisan issues. This highlights that no single party in the recent EU Parliament elections prioritized crypto discussions. Meanwhile, in the U.S., such discussions are frequent, especially as the general elections loom on November 5.

Conclusion: The Evolving Role of Crypto in Politics

As the political landscapes in Austria and Georgia continue to unfold, the understated role of cryptocurrency raises questions about its future influence in elections. With significant regulations on the horizon in both countries, the ongoing evolution of crypto policy will undeniably shape the political discourse in the coming years.