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Japan minister says cryptocurrency donations to politicians are legal

They said the donations don't need to be declared

Japan, hacks, first 6 months, bitcoin, cryptocurrency, coincheck, scam

Japan’s internal affairs and communications minister has said cryptocurrency donations are legal in the country.

The statement refers specifically to donations made to ministers or other politicians, The Block reports.

During a press conference earlier today, [minister’s name] explained that donations made in conventional money are subject to disclosure under the country’s Political Funds Control Act. However, donations made in cryptocurrency, to politicians, are not required to be disclosed.

Japan has historically been quite progressive towards regulating cryptocurrency. Last year, the country granted the cryptocurrency industry self-regulatory status.

But bear in mind, on this occasion, this appears to be the minister’s interpretation of existing laws. How other’s will see this remains to be seen.

It doesn’t sound sustainable that cryptocurrency-based donations don’t have to be declared.

The Federal Election Commission in the US allows politicians and political committees to receive donations in Bitcoin, but their values must be declared at the time they’re received.

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Published October 8, 2019 — 09:34 UTC