Canada Moves Closer to Banning Crypto Donations in Politics

A ban on cryptocurrency donations in Canadian politics has taken a significant step forward after the proposed legislation passed a crucial vote in the House of Commons. The bill, known as the Strong and Free Elections Act, aims to restrict the use of crypto, money orders, and prepaid payment products for political contributions due to concerns over their traceability. If enacted, the law would apply to all federal entities, including registered parties, electoral district associations, candidates, and third-party advertisers. Recipients of illegal crypto donations would be required to return or remit them within 30 days. The legislation's progress comes after Canada's Chief Electoral Officer recommended a prohibition on crypto donations, citing difficulties in verifying contributors' identities. The move is in contrast to the US, where crypto donations are permitted, and follows a similar ban implemented in the UK earlier this year.