Japanese Internal Affair Minister Says Crypto Donations To Politicians Are Legal; Disclosure Not Needed

    Sanae Takaichi, the internal affairs and communications minister of Japan, has recently affirmed that politicians can receive donations made with cryptocurrencies. According to him, crypto donations do not necessarily need to be disclosed via the Political Funds Control Law, as it happens with both securities and cash.

    This means that crypto donations do not really have limits, in his view. This happens because they do not fall under any current category that is regulated. Takaichi affirmed that the problem will have to be discussed among each party or group in order to find the best solutions for it.

    Obviously, some laws will need to be created in the country in order to help. At the moment, they don’t exist because the assets were not popular enough, but a clear problem arises when the minister talks about the issue because it highlights how easy it is to use cryptos for unlimited donations.

    Crypto payments are legalized in Japan since 2017. They were formalized at the same time that the government decided that crypto exchanges had to upgrade their compliance measures. Despite having a somewhat pro-crypto industry, Japan has been clearly making an effort to regulate it.

    The local industry is heavily regulated by the Financial Services Agency (FSA) and no new exchanges were opened since 2018 despite over a hundred of them seeking regulatory approval.

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    Gabriel Machado
    Brazilian journalist who is interested in the future of the financial world. Has a special interest in the blockchain technology and the global financial markets. Covers economic and technology news with a focus on the fintech industry and has been writing about the cryptocurrency market since the start of 2017.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


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