It is legal for individuals vying for political positions in Japan to receive public donations in cryptocurrencies, according to the country’s internal affairs and communications minister Sanae Takaichi.
According to a report from a local news agency, Kyodo News, and syndicated by Reuters Japan, Minister Takaichi made the clarification in a Tuesday conference where her insights were sought on the matter.
Takaichi explained that individual politicians who receive cryptocurrencies as donations are not required to disclose these funds as the country’s Political Funds Control Law did not make such provisions.
The law only requires that politicians disclose political donations such as cash and securities, and according to Takaichi, “cryptographic assets do not fall under any of the above and don't limit donations.”
The minister also suggested that political parties will have the ultimate choice in determining how they handle crypto donations. She reportedly said:
“Because it will limit the political activities of politicians, it will be a problem to be discussed by each party and each group.”
While the minister’s comments arguably provide some clarity on the treatment of crypto donation to politicians, it also highlights the fact that cryptocurrencies are gradually entering mainstream consciousness around the world.
As cryptocurrency enthusiast, Anthony Pompliano, identified in a recent interview, it has taken less than ten years for crypto (Bitcoin) to go from the fringes of the internet to becoming a subject of discussion for regulators globally.