Canada seeks to ban crypto donations in federal politics under Bill C25

Canada's Bill C25 would bar cryptocurrency donations across the federal political system, alongside money orders and prepaid cards, effectively shutting a fundraising avenue that has seen virtually no use since crypto donations were first allowed in 2019. The Chief Electoral Officer, who previously leaned toward tighter oversight, is now recommending a full prohibition, pointing to crypto's pseudo-anonymity and the challenges of verifying donor identities. Under the proposal, campaigns would have 30 days to return illegal crypto contributions. Penalties would include fines of up to twice the contribution's value, plus up to $100,000 for corporations. The move comes after the U.K. recently imposed a moratorium on crypto political donations amid concerns about foreign funding.