Crypto donations in Japan are legal, says a minister

Cryptocurrency • October 8, 2019, 3:25AM EDT

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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