Canadian Parliament Advances Bill to Prohibit Crypto Donations in Elections

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, or the Strong and Free Elections Act, has passed its second reading in the House of Commons and will now undergo further review in committee. The bill aims to prohibit political contributions made in crypto, citing concerns that such donations are difficult to trace. If passed, the ban would apply to all federal political entities, including registered parties, electoral district associations, and candidates. Recipients of illegal crypto donations would be required to return or remit them within 30 days. The bill's progress comes after Canada's Chief Electoral Officer recommended a ban on crypto donations due to concerns over pseudo-anonymity and the difficulty of verifying contributors' identities. The move is in contrast to the US, where crypto donations have been permitted since 2014, but in line with the UK, which recently passed a law banning crypto donations in elections.