Canadian Legislation Aims to Enhance Election Finance Transparency with Crypto Ban

A bill to regulate campaign finance in Canada has taken a significant step forward with its passage through the second reading in the House of Commons.

The Strong and Free Elections Act (Bill C-25) targets digital currency contributions to federal political entities, applying to all key participants in federal elections, including registered political parties, individual candidates, and third-party advertisers.

The bill mandates strict rules for handling any illegal cryptocurrency contributions, requiring a return within 30 days or forfeiture to the Canada Revenue Agency (CRA).