Crypto donations in Japan are legal, says a minister

Cryptocurrency • October 8, 2019, 3:25AM EDT
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Sanae Takaichi, the internal affairs and communications minister of Japan, has said that cryptocurrency donations are legal in the country.

Takaichi made the remarks at a press conference on Tuesday, according to a report from local news agency Kyodo, syndicated by Reuters Japan.

The minister further said that cryptocurrency donations made to individual politicians are not subject to disclosure under the country's Political Funds Control Act. Notably, donations made in cash or securities are subject to disclosure under the act, pe the report.

She said: “Cryptocurrencies do not fall under any of the above."

In 2017, Japan also passed a law that recognized bitcoin as a legal method of payment, as well as brought cryptocurrency exchanges under anti-money laundering (AML)/know-your-customer (KYC) rules. It is one of the few countries that has taken several initiatives to tighten up the cryptocurrency industry.

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Yogita Khatri is a senior reporter at The Block and the author of The Funding newsletter. As our longest-serving editorial member, Yogita has been instrumental in breaking numerous stories, exclusives and scoops. With over 3,000 articles to her name, Yogita is The Block's most-published and most-read author of all time. Before joining The Block, Yogita wrote for CoinDesk and The Economic Times. You can reach her at [email protected] or follow her latest updates on X at @Yogita_Khatri5.

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