Canadian Lawmakers Advance Bill Banning Crypto Donations in Elections

A ban on cryptocurrency donations in Canadian elections has moved closer to becoming law, with lawmakers from multiple parties backing the proposal. The bill, known as the Strong and Free Elections Act, has passed its second reading in the House of Commons and will now be reviewed by a committee. The legislation aims to restrict the use of cryptocurrencies, money orders, and prepaid payment products for political donations, citing concerns over their potential to facilitate untraceable funding. If passed, the ban would apply to all federal political entities, including parties, candidates, and third-party advertisers. Recipients of illegal crypto donations would be required to return or remit the funds within 30 days. The bill's progress comes despite some Conservative lawmakers expressing concerns about the proposed restrictions, although they ultimately supported the measure. The lack of significant opposition may be due in part to the fact that cryptocurrency donations have not been widely used in Canadian politics, with no major party having publicly accepted such donations in recent elections. The move is in contrast to the United States, where cryptocurrency donations have been permitted since 2014, and differs from the approach taken in the UK, which recently passed a law banning crypto donations due to concerns over their potential use to conceal foreign funding.