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