Sanae Takaichi, Internal Affairs and Communications Minister in Japan, declared that cryptocurrency donations are accepted when offered to political parties. In addition, the cryptocurrency political donations will not have to be disclosed, which is the case with securities and cash in the Political Funds Control Low.
So, cryptocurrency donations will not have a limit in Japan when it comes to political parties. According to the minister:
“Cryptographic assets do not fall under any of the above regulations, and don’t limit donations.”
Crypto donations in Japan for political parties are quickly becoming mainstream. With this in mind, parties will have to address rules and taxonomy at an internal level. It is up to the parties to decide what will be acceptable and what will not. Takaichi also said:
“Because it will limit the political activities of politicians, it will be a problem to be discussed by each party and each group.”
The cryptocurrency industry in Japan is regulated by the FSA (Financial Services Agency). Zero exchange openings were approved in 2018 and just 16 in 2017. There are currently over 100 crypto exchanges that try to get regulatory approval. It is expected that most of them will not be accepted.
The fact that political parties can accept cryptocurrency donations is highly debatable. Some people say that this is a good thing for the industry while others believe that the fact that amounts do not have to be disclosed can easily lead to various problems. There are even people that think this will make the public see cryptocurrencies with a bad eye.
