Key notes
- Reform UK begins accepting cryptocurrency donations
- Nigel Farage says he was a crypto supporter before Trump, rejecting claims of imitation
- The party is planning pro-crypto reforms, including a Bitcoin reserve and lower taxes on cryptocurrencies.
British populist leader Nigel Farage announced that Reform UK has begun receiving cryptocurrency donations.
The party has already received “a couple” of cryptocurrency donations but has not specified the amount or donors.
Farage He explained And that, to his knowledge, no cryptocurrency company has donated directly to the party. However, he added that there may have been some event-related sponsorship by cryptocurrency companies during the recent crypto conference in London.
While the UK Reform Party has just five seats out of 650 in Parliament, it is leading in the polls over Prime Minister Keir Starmer’s Labor government. Farage wants the UK to become a friendlier jurisdiction for cryptocurrency entrepreneurs.
When asked if he was copying US President Donald Trump’s pro-crypto campaign tactics, Farage rejected the comparison.
He stated that he was “long before” Trump, adding that he publicly expressed his support for cryptocurrencies in 2020, years before Trump was declared a “crypto president.”
Farage also revealed that he personally owns digital assets, saying: “I have some investments in cryptocurrencies for the long term.”
Cryptocurrency reform agenda in the UK
Farage has positioned himself as one of the few British politicians to publicly support digital assets. Earlier this year, the UK’s Reform Party became the first British political party to announce cryptocurrency donations, paving the way for its deeper involvement in the sector.
He has since pledged a range of pro-crypto policies, introducing the Crypto Assets and Digital Finance Bill to cut capital gains tax on cryptocurrencies from 24% to 10%.
The proposed legislation would also prohibit banks from closing accounts linked to legal cryptocurrency activity, along with creating a bitcoin reserve at the Bank of England.
Farage also criticized the Bank of England’s proposed restrictions on ownership of stablecoins, calling them anti-innovation.
He also remains a fierce critic of central bank digital currencies (CBDCs), calling them a “complete and utter horror” and a threat to personal freedom.
The UK cryptocurrency industry, which is currently subject to the Financial Conduct Authority’s existing set of rules, has welcomed support for the reform.
Many insiders say clear pro-growth legislation could help London finally regain its role as a global fintech capital.
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A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the world of cryptocurrencies and finance, amassing industry experience having survived both bear and bull markets over the years. Barth is also the author of four self-published books.
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