Canadian Lawmakers Advance Crypto Donation Ban with Cross-Party Support

A ban on cryptocurrency donations in Canadian politics has moved closer to becoming law after gaining cross-party support in Parliament. The proposed legislation, known as Bill C-25, has passed its second reading in the House of Commons and will now be reviewed by a committee. The bill aims to prohibit political contributions made in cryptocurrency, citing concerns over the difficulty of tracing the source of such funds. 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 legislation has garnered support from the Conservative party, despite its leader, Pierre Poilievre, having previously expressed crypto-friendly views. Other opposition parties have raised concerns about various aspects of the bill, but the crypto donation ban has not been a central point of contention. The limited resistance to the ban reflects the relatively minimal use of cryptocurrency in Canadian politics to date. In fact, despite being technically allowed since 2019, no major federal party has publicly accepted crypto donations, and none have been disclosed in recent elections. The move to ban crypto donations in Canada contrasts with the approach in the US, where such donations have been permitted since 2014. Meanwhile, the UK has recently passed a law banning crypto donations, citing concerns over the potential for digital assets to be used to conceal the origins of foreign funds in politics.