Japanese Politicians Can Receive Donations Through Crypto
October 8, 2019 11:01 pm
Recently, the internal affairs and communications minister of Japan, Sanae Takaichi stated that cryptocurrency donations to politicians are not legal in Japan — unlike the ones made in cash or securities.
A Report from Reuters mentioned that Takaichi said this statement at a recent press conference. While speaking in the event, she stated that cryptocurrency donations are not subject to disclosure under the country’s Political Funds Control Act.
The minister described that Japan’s laws prohibit donations to politicians in fiat currencies and securities. But donations through cryptos “do not fall under any of the above, and don’t limit donations.”
Takaichi added while asked about the negative implications of this regulation:
“Because addressing this problem would limit the political activities of politicians, this problem will be discussed by each party and each group.”
In August 2018, Japan’s system integration company, NTT Data announced that it is working on a blockchain trading platform. The organization mentioned that it is operating under the guidance of its partner, Ministry of Economy Trade and Industry (METI).
The project was titled “Development of Infrastructures for Creating New Industrial Models Taking Advantage of IoT.” According to the reports, the platform intends to build an infrastructure system that will digitize and enhance the process of logistic data sharing between trade entities. These entities include shipping companies, port authorities, banks, insurance companies, and shipping companies.