Political Parties: Finance
The question
To ask the Right hon. Member for Kenilworth and Southam, representing the Speaker's Committee on the Electoral Commission, whether the Electoral Commission would request information on the type of cryptocurrency used to make political donations when such donations are reported to the Commission.
Answered by Sir Jeremy Wright
In line with guidance issued by HMRC and the Financial Conduct Authority, donations in crypto assets are treated as non-monetary donations. Recipients are required to identify the nature of non-monetary donations. For crypto assets, this means identifying the type and amount of crypto asset. This will be underlined in the forthcoming update to the Commission’s guidance.
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