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The Japanese Ministry of Internal Affairs and Communications: Using Virtual Currency To Make Donations To Politicians Legal

Abstract : According to Japan's Political Fund Control Law, it is prohibited to conduct donations to politicians in principle, but the virtual currency is not in the category of "money and securities" which are covered by the law.

ChainDD
ChainDD

Oct 07

The Japanese Ministry of Internal Affairs and Communications has announced that people who make donations to politicians by using virtual currency will not be illegal. According to Japan's Political Fund Control Law, it is prohibited to conduct donations to politicians in principle, but the virtual currency is not in the category of "money and securities" which are covered by the law.

Japanese University Law professor Tomoaki Iwai said: “The current law does not keep pace with the times.” He also mentioned that Although crypto has a status as a legally accepted currency in Japan, the Political Funds Control Law governing donations reportedly fails to include crypto assets as prohibited money or securities for individual political donations due to crypto’s differentiation from the national fiat yen and its derivatives. These laws may be updated soon to establish greater transparency in the political process.

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