Canadian Lawmakers Back Bill to Prohibit Crypto Donations in Elections

A proposed law to ban cryptocurrency donations in Canadian politics has moved closer to becoming a reality, after the Strong and Free Elections Act passed its second reading in the House of Commons. The legislation, which aims to increase transparency in political financing, would prohibit donations made in cryptocurrencies, such as bitcoin, due to concerns over their potential to be used anonymously. The bill would apply to all federal political entities, including parties, candidates, and third-party advertisers, and would require recipients to return any illegal donations within 30 days. The move has been supported by lawmakers across parties, with some Conservative members raising questions but ultimately backing the bill's progression to committee stage. The lack of opposition reflects the relatively limited use of cryptocurrency in Canadian politics, with no major party having publicly accepted such donations in recent elections. The bill's progression comes after Canada's Chief Electoral Officer recommended a ban on crypto donations in 2024, citing concerns over their potential for misuse. The development is in contrast to the US, where crypto donations have been permitted since 2014, but in line with the UK, which recently passed a similar law banning crypto donations in politics.