Overview
- Bill C-25, introduced in the House of Commons on Thursday, would outlaw political donations made in cryptocurrencies, money orders, and prepaid cards across federal elections.
- The ban would apply to registered parties, riding associations, candidates, leadership and nomination contestants, and third-party election advertisers.
- Any prohibited contribution received would have to be returned, destroyed, or converted within 30 days, with any proceeds from conversion sent to the Receiver General.
- Proposed penalties include administrative charges up to twice the donation’s value and fines up to $25,000 for individuals and $100,000 for corporations.
- The measure follows the Chief Electoral Officer’s call for a ban and the U.K.’s new moratorium, while the U.S. still allows crypto donations, and Canada’s parties have disclosed no crypto gifts since they were permitted in 2019.