BlockBeats news, on March 29, according to CoinDesk, the Canadian government proposed the “Strong and Free Elections Act” (Bill C-25) on March 26, intending to prohibit political donations to parties and candidates in the form of cryptocurrencies, money orders, and prepaid cards, citing that such assets have pseudo-anonymity and make it difficult to verify the identity of donors, posing risks to electoral integrity. The bill is currently in the first reading stage in the House of Commons.
The UK Labour Party has similarly stated it will implement a “temporary ban” on political groups accepting cryptocurrency donations until a relevant regulatory framework is established to address the risk of foreign interference in elections. This measure is seen as potentially directly impacting the funding sources of the Reform Party. The party, led by Nigel Farage, had previously received significant donations from individuals in the cryptocurrency industry.
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