Reform UK will begin accepting donations in Bitcoin, party leader Nigel Farage revealed on Thursday—making it the first political party in the UK to do so.
Speaking at a cryptocurrency conference in Las Vegas, Farage unveiled a draft "Crypto Assets and Digital Finance Bill," which he pledged to implement if elected prime minister.
"Crypto, Bitcoin, and digital assets are here to stay," Farage declared. He described the move as part of a broader plan to spark a “crypto revolution” in the UK.
The announcement comes amid growing political focus on the regulation of digital assets. Just last month, Chancellor Rachel Reeves proposed regulating cryptocurrencies in line with traditional finance, positioning the UK as a potential global leader in the space. However, a Treasury Select Committee has also raised concerns, suggesting cryptocurrencies should be regulated like gambling due to the high risks involved for investors. The Treasury rejected this approach.
Reform UK's website was updated on Thursday evening to facilitate Bitcoin donations.
Farage’s proposed bill includes key measures such as reducing capital gains tax on crypto assets from a maximum of 24% to 10% and establishing a "Bitcoin digital reserve" at the Bank of England.
“We will campaign for this and deliver it at the next general election,” Farage told a supportive audience.
During the discussion, Farage praised the United States' growing adoption of digital assets, calling it “nothing short of fantastic” and expressed his ambition to transform London into a global hub for crypto trading.
His announcement also echoes moves in the U.S., where former President Donald Trump has embraced crypto donations. One of Trump’s political action committees reportedly raised $7.5 million (£3.5m) in digital currencies for his 2024 campaign.
Farage’s initiative positions Reform UK at the forefront of the UK's political engagement with cryptocurrency. Photo by Jorge Franganillo, Wikimedia commons.