Reform UK leader Nigel Farage has announced that his party will begin accepting political donations in Bitcoin and other cryptocurrencies, marking a first for a British political party. The move comes alongside promises of sweeping crypto legislation if his party comes to power.

Crypto Donations Go Live

Speaking at the Bitcoin Conference in Las Vegas, where he was introduced as a “UK presidential candidate,” Farage confirmed that Reform UK is now able to accept cryptocurrency donations from eligible UK donors. The party’s website was updated on Thursday evening to facilitate the new payment option.

Farage declared,

“As of now, provided you are an eligible UK donor… we are the first political party in Britain that can accept donations in bitcoin and other cryptocurrencies.”

A Reform UK spokesperson later confirmed that additional details about the initiative would be released on Friday.

Legislative Vision for a ‘Crypto Powerhouse’

Farage outlined a broader crypto policy agenda, stating that his party intends to introduce a cryptoassets and digital finance bill. Central to this would be a proposal to slash capital gains tax on crypto assets from the current 24% to 10%. 

In addition to tax reforms, the proposed legislation would prohibit banks from debanking customers solely for interacting with digital assets. Farage also reaffirmed his opposition to a British central bank digital currency (CBDC), distancing Reform UK from the idea of a state-issued digital pound.

A notable aspect of the party’s crypto platform includes establishing a Bitcoin reserve within the Bank of England. Farage described this measure as part of his vision to transform the UK into a major global crypto hub. 

Context and Industry Response

Farage’s announcement arrives amid ongoing debates within UK financial circles about how best to regulate digital assets. Just weeks earlier, Shadow Chancellor Rachel Reeves had unveiled draft legislation aimed at regulating cryptocurrency firms under frameworks similar to traditional financial institutions.

Meanwhile, MPs on the Treasury Select Committee have controversially called for crypto assets to be regulated as gambling products, warning of the high risk of investor losses. The UK Treasury, however, rejected this recommendation, stating it did not support applying gambling laws to cryptocurrency.

Longstanding Crypto Advocacy

Farage’s stance on digital assets is not new. He has advocated for cryptocurrencies since 2020, when he highlighted the vulnerabilities of fiat currencies and described Bitcoin as the best “anti-lockdown investment” during the pandemic. At the Las Vegas event, he praised the US approach to digital assets as “nothing short of fantastic” and expressed ambitions to position London as one of the world’s leading crypto trading centres.

With the next UK general election slated for 2029, Reform UK’s pro-crypto platform and its acceptance of Bitcoin donations position it as a distinctive voice in the country’s evolving digital finance landscape.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice