Canadian Parliament Moves Closer to Banning Crypto Donations

Canada is one step closer to prohibiting cryptocurrency donations in politics after a key vote in Parliament. The proposed ban, part of the Strong and Free Elections Act, has received cross-party support and will now be reviewed by a committee. The legislation aims to prevent the use of crypto, money orders, and prepaid payment products for political contributions, citing concerns over their potential to facilitate untraceable funding. If passed, recipients of illegal crypto donations will have 30 days to return or remit the funds to the Canadian government. The bill's progression through Parliament has been relatively smooth, with the Conservative party, led by Pierre Poilievre, who has previously expressed support for cryptocurrency, choosing not to challenge the proposed ban. The lack of opposition may be due in part to the fact that crypto donations have seen limited use in Canadian politics, with no major parties publicly accepting them and no contributions disclosed in recent elections. The move is in contrast to the US, where crypto donations have been permitted since 2014, and follows a similar ban implemented in the UK earlier this year.