In a surprising move the Japanese government, politicians in the country can now receive unlimited donations without any need of disclosing them to the concerned authorities.
Sanae Takaichi, the country’s internal affairs, and communications minister revealed that in a press briefing a couple of days ago. She claimed that crypto donations do not come under the Political Funds Control Law, so they do not need disclosure and politicians have no limits on receiving such donations.
Adding to that, she indicated that Japanese law doesn’t necessitate crypto donations to be included in the account’s political balance which may raise a few concerns for some but it was normal for such scenarios in pro- Japan.
“Cryptographic assets do not fall under any of the above [regulations], and don’t limit donations.”
Now, that shows the adoption of in Japan just a step forward. Sanae Takaichi also said:
“… Because it will limit the political activities of politicians, it will be a problem to be discussed by each party and each group.”
While critics raise concerns about potential abuse spurred by such a move (unlimited political influence, money laundering, etc.), they overlook the fact that the crypto industry has been heavily regulated in the country and is governed by both the Financial Services Authority and other government agencies through self-regulating organizations.
Also, the Japanese have always inspired the world with open society initiatives that encourage an almost zero crime rate. So, placing no limits on political crypto donations won’t pose any major threats to the society or the political system itself. Crypto donations may also be a preferred option for many and their role in future elections will be interesting to observe.
Though the scenario above might seem a bit far-fetched, we have always seen a pro- stance the Japanese. It will also give more use-cases for adopting the currency in Japan and all over the world too.
Even though crypto donations haven’t been tested as such, it’s expected that we’ll soon see the law being broadly interpreted in this regard.