Japan says donations in cryptocurrencies to politicians are legal

Cryptocurrency donations to political parties have received approval from Japan’s Minister of Internal Affairs and Communications, Sanae Takaichi, who announced that these donations do not need to be disclosed under the Political Funds Control Act, unlike cash and securities, as reviewed by the Coindesk news website, last Tuesday, October 8.

“Cryptoactive products do not conform to any of the previous regulations and do not limit donations.” The minister explained that in the future cryptoactives are expected to position themselves more strongly generating more demand in political parties. Takaichi said that it will depend on them how to deal with the taxonomy in order to establish parameters to take advantage of the best management of digital money. “The way it will limit the political activities of politicians will be a problem to be discussed by each party and each group”.

Japan is one of the most friendly countries with cryptocurrencies. An example of this was the law passed in 2017 that recognized bitcoin as a legal payment method, which has allowed it to adopt a very active role in the regulation of the sector.

However, it is known that the crypto ecosystem in Japan is heavily regulated by the Financial Services Agency (FSA), which approved the opening of zero exchanges in 2018 and only 16 in 2017.

Despite this, the Asian country has generated advances in the area of cryptocurrencies that can be reflected in the development of a payment network with digital currency very similar to the SWIFT network, the international system used by banks to send money to the entire world. The main objective is to expand this network to the international market and avoid money laundering.

K.Villarroel

Source: morocotacoin