Cryptocurrency Donations Are Legal in Japan, Minister Says

Japan’s minister of internal affairs and communications, Sanae Takaichi, has said cryptocurrency donations are legal in the country and don’t have to be disclosed when made to politicians.

According to Reuters Japan, Takaichi revealed crypto donations are legal in the country during a press conference, where she further clarified donations made to individual politicians don’t have to be disclosed under the country’s Political Funds Control Act, unlike donations in cash or securities.

She stated cryptocurrencies don’t “fall under any of the above,” and further added they don’t have to be disclosed because they could “limit the political activities of politicians,”which could end up being a problem for some.

Notably, back in 2017 Japan passed a law recognizing bitcoin as a legal payment method, and approved anti-money laundering and know-your-customer regulations for cryptocurrency exchanges. The company’s biggest railway company was earlier this year looking to accept crypto payments.

Featured image by André François McKenzie on Unsplash.