Crypto donations aren’t all that unusual for an emerging industry but to political parties? Despite what you may think of this, Japan’s internal affairs and the communications minister Sanae Takaichi just gave this the thumbs up!
According to a report by one of the local outlets Kyodo News, Takaichi said political do actions in cryptocurrency don’t have to be disclosed under the Political Funds Control law, unlike cash and securities.
With this, donations in cryptocurrencies could be made without limit.
“Cryptographic assets do not fall under any of the above [regulations], and don’t limit donations,” the minister said.
As the industry grows, as will crypto donations. With this, Japanese political parties will have to address taxonomy and rules themselves.
The communications minister went onto say:
“Because it will limit the political activities of politicians, it will be a problem to be discussed by each party and each group.”
Japan’s digital currency is set to be heavily regulated by the Financial Services Agency (FSA), which approved zero platform openings last year but in 2017, sixteen.
As previously reported by CryptoDaily, the central bank in Japan has re-confirmed its stance on the top cryptocurrencies to invest in.
A senior official said that the apex financial institution is comfortable with the flagship currency as well as the tech behind it. The unknown official said that the bank’s pro-crypto outlook is jointly pushed by the fact that the nation suffers no capital outflow worries.
“Because of their fear of capital outflows, the Chinese see every financial asset as the enemy. But we don’t worry about outflows. We are in love with the technology behind it and we are in touch with the technology community.”
It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!