Tuesday, December 10, 2019

Japanese Minister approves acceptance of cryptocurrencies as donations

The Takeaway:

Recently, the Japanese Minister of Internal Affairs and Communications, Sanae Takaichi, announced that Japanese politicians could legally accept cryptocurrency donations. The donations can be anonymous, and it is not necessary to disclose them according to the country's Political Funds Control Act.

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Several countries are taking steps towards the acceptance of crypto assets and digital currencies, and Japan is one of them. Recently, the Japanese Minister of Internal Affairs and Communications, Sanae Takaichi, announced in a conference that Japanese politicians could legally accept cryptocurrency donations.

The donations can be anonymous, and it is not necessary to disclose them according to the country’s Political Funds Control Act. This act also prevents the government from receiving any donations through cash or securities.

Takaichi further explained that money and securities come under the category of “monetary money,’ which is prohibited by the law. However, crypto assets are not mentioned anywhere in the law, so they can be used for donation purposes. She further mentioned that this regulation would limit the activities of politicians, and then this will be discussed by each party and group.

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Paul Rea
Paul Rea
Paul is a graduate from the Queensland University of Technology and has a demonstrated history of working in the computer and network security industry. Apart from being a dedicated author, Paul also has an interest in graphic designing.

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