Canada proposes ban on crypto political donations in election integrity bill
Canada proposed a bill to ban cryptocurrency donations to political entities, citing concerns over traceability and potential foreign interference.Summary
Canada's federal government has proposed Bill C-25, the Strong and Free Elections Act, which aims to prohibit cryptocurrency donations to political parties, candidates, and election advertisers. This move addresses recommendations from inquiries into foreign interference and the Chief Electoral Officer, as crypto is considered difficult to trace. While crypto donations were permitted since 2019, they were rarely used and ineligible for tax receipts. The bill also increases penalties for violations and follows a similar decision by the U.K. to pause crypto donations, contrasting with the U.S. where crypto donations are currently permitted and have become significant in recent elections. The bill is currently undergoing parliamentary review and still requires multiple readings and approvals before becoming law.
(Source：The Block)