Reform UK embraces Bitcoin donations, Farage promises crypto-friendly policies
Breaking with tradition, Reform UK is embracing cryptocurrency in a move that could transform the country’s approach to digital finance.
Reform UK has become the first British political party to accept donations in Bitcoin, party leader Nigel Farage announced during a cryptocurrency conference in Las Vegas. Farage presented a draft ‘Crypto Assets and Digital Finance Bill’ that he pledged to enact if elected prime minister, promising to spearhead a ‘crypto revolution’ in the UK and declaring that digital assets are ‘here to stay.’
The proposed bill includes significant reforms such as slashing the capital gains tax on cryptocurrencies from 24% to 10% and establishing a Bitcoin digital reserve at the Bank of England. Reform UK’s website was updated Thursday evening to begin accepting crypto contributions.
Farage’s stance contrasts with Labour Chancellor Rachel Reeves, who recently outlined plans to regulate crypto firms similarly to traditional finance institutions, aiming to make the UK a ‘world leader’ in the field. However, not all British lawmakers are aligned on the issue.
A Treasury Select Committee earlier recommended regulating crypto like gambling due to its volatility and risks for investors. The Treasury rejected this idea, signalling ongoing debate over how best to manage the rapidly evolving digital asset landscape.
Farage’s embrace of crypto echoes moves seen in the US, where former President Donald Trump’s campaign raised millions in digital currency. Reform UK’s leader praised America’s crypto adoption, voicing his ambition to make London a global hub for digital finance, despite ongoing political controversy surrounding crypto-linked campaign contributions in the US.
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