Japan’s internal affairs and communications minister Sanae Takaichi has given a thumbs up to crypto donation to political parties, at a press conference Tuesday.
“Political donations in cryptocurrency do not have to be disclosed under the Political Funds Control Law, unlike cash and securities. Therefore, crypto donations could also be made without limit,” the minister said.
Japan’s cryptocurrency industry is heavily regulated by the Financial Services Agency (FSA) which approved zero exchange openings in 2018 and only 16 in 2017.
According to new crypto-related laws, which implementation is scheduled for spring 2020, cryptocurrency transactions and trading will be subject to the regulation of the Financial Instruments and Exchange Act. In addition to the virtual currency exchange business license, crypto firms will have to register as first-class financial instruments businesses.