May 28, 2023

Political campaign cryptocurrency donations found legal in Japan

Japanese Interior Minister Sanae Takaichi said donations in cryptocurrencies on political campaigns are recognized legal in the country.

At a press conference on Tuesday, Takaichi saidthat donations in cryptocurrencies made to individual politicians are not subject to disclosure in accordance with the Law on the Control of Political Funds. At the same time, donations made in cash or in the form of securities are subject to disclosure in accordance with the law.

“Cryptocurrencies do not fall into any of the above categories, therefore, data on donations in crypto assets cannot be disclosed,” Takaichi said.

Japan for the first time outlined its attitude towardsdonations in cryptocurrencies for political campaigns, while in the USA the discussion on this subject has been going on for several years. In the spring, it became known that the US presidential candidate accepts donations for his campaign in cryptocurrencies.

At the same time, Michigan banned donations tocryptocurrencies for political campaigns last fall, and previously such donations were banned in California. Currently, the US Federal Electoral Commission allows candidates to accept cryptocurrencies as donations in non-monetary form.