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Crypto Donations: Politicians Legal in Japan Says Internal Affairs Minister

October 9, 2019 at 4:41 AM | By Jit Sutradhar News

Cryptocurrency donations to political parties received a thumbs up internal communications issues and Sanae Takaichi Minister of Japan at a press conference on Tuesday.

According to a local press report Kyodo News and syndicated by Reuters, said Takaichi political donations in cryptocurrency do not have to be disclosed under the Law of Political Funds Control, unlike cash and securities. Therefore, donations encryption could also be done without limit.

“Cryptographic Assets not falling into any of the regulations [] above, and do not limit donations,” said the minister.

As encryption donations become more mainstream political parties of Japan will have to deal with the taxonomy and the rules themselves, Takaichi continues.

“Because it will limit the political activities of politicians, it will be a problem to be discussed by each party and each group.”

Japan cryptocurrency industry is heavily regulated by the Financial Services Agency (FSA) it approved openings zero change in 2018 and only 16 in 2017. In July, reported CoinDesk 100 exchanges seeking regulatory approval before launching.

Japanese flag image via Shutterstock

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