Canadian Lawmakers Advance Bill to Prohibit Cryptocurrency Donations in Politics

Canada's proposed ban on cryptocurrency donations in politics has moved closer to becoming law, garnering cross-party support and minimal opposition. The Strong and Free Elections Act, also known as Bill C-25, has passed its second reading in the House of Commons and will now be reviewed by a committee. The legislation aims to prohibit political contributions made in cryptocurrency, citing concerns that such donations are difficult to trace. If the law is enacted, recipients of illegal crypto contributions will have 30 days to return the funds or remit them to the Receiver General. The bill's progression comes after Canada's Chief Electoral Officer recommended a ban on crypto donations in 2024, citing 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, and differs from the UK, which recently passed a law banning crypto donations in politics.