Cryptocurrency Japan
Cryptocurrency Donations to Politicians Legal in Japan
October 9, 2019
Cryptocurrency Japan
Cryptocurrency Donations to Politicians Legal in Japan
October 9, 2019

Cryptocurrency donations to political parties received an agreement from Sanae Takaichi, Japan’s internal affairs and communications minister at a press conference on October 8 (Tuesday).

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

Takaichi said:

“Cryptographic assets do not fall under any of the above [regulations], and don’t limit donations.”

Sanae Takaichi
Sanae Takaichi

As crypto donations become more mainstream Japan’s political parties will have to address taxonomy and rules themselves, Takaichi continued:

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

Sanae Takaichi

Thus, Japan’s cryptocurrency industry is heavily regulated by the Financial Services Agency (FSA) which approved zero exchange openings in 2018 and only 16 in 2017. In July, it has been reported that some 100 exchanges were seeking regulatory approval before launching.

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Source: Reuters


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Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. She is an archetypal writer, who loves to create her own little world with words and locutions. Apart from this, her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.
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