All the political candidates in California will be allowed to accept donations in cryptocurrencies.
California is a state in the Western United States. The total population of California is 39.2 million. This state showed significant highly friendly behavior toward this innovative industry. In 2014, the regulatory bodies of California introduced a regulatory framework for crypto companies to deal with digital assets with traditional banking services, So it is enough to explain the Crypto friendly behaviour of California State.
On 21 July, LA Times reported that California’s Fair Political Practices Commission approved a new law to allow the state politicians to accept donations in cryptocurrencies as an option during campaigns.
This law will come into effect after 60 days and politicians will be required to swap the accepted crypto donation in fiat directly.
Under the approved law, politicians will also be required to take the help of registered crypto payment processors, to make things fully transparent under the KYC details exposures.
Crypto-friendly South Korean politicians
The past couple of years showed that South Korean government agencies introduced highly strict rules and regulations on the crypto industry, to prohibit the illegal activities associated with cryptocurrencies.
In particular, South Korea also allowed politicians to accept donations in cryptocurrencies, during their campaigns.
Interestingly two South Korean presidential candidates promised to support the crypto industry with friendly crypto laws.
Yoon Suk-yeol, present president of South Korea, promised to bring ICOs projects again into the Korean crypto industry under the precise regulatory framework.
In May of this year, the Terra ecosystem collapsed under an extreme volatility situation. Two tokens Luna & stablecoin UST of the same project collapsed into zero-value assets. Now Korean government agencies are working to establish a new agency to bring those crypto projects into light that are not based on an ideal business model.