Key Highlights:
- Nigel Farage, the head of Reform UK, has affirmed his intention to introduce legislation supportive of cryptocurrencies and create a bitcoin reserve at the Bank of England if he assumes the Prime Minister role.
- The proposed law aims to safeguard customers from being denied services by banks due to crypto engagement and suggests a 10% capital gains tax on crypto assets.
- Reform UK aspires to be the inaugural political party in Europe to permit donations in cryptocurrency as it gains traction in British polls.
Detailed Coverage
Nigel Farage declared today his commitment to enact crypto-friendly laws and set up a bitcoin reserve at the Bank of England, should he attain government office. At the Bitcoin conference in Las Vegas, he announced:
“We have put together… the Crypto Assets and Digital Finance Bill. We will campaign for this, and we will implement it when we win in the general election.”
He further asserted:
“We are going to launch, in Britain, a crypto revolution. We’re going to make London one of the major trading centers of the world. We’re deadly serious.”
According to Farage, the new legislation would prevent banks from refusing service to customers interacting with cryptocurrency. He also expressed opposition to the idea of a British central bank digital currency (CBDC) and emphasized that reasonable taxes would incentivize compliance:
“If taxes are reasonable, people will pay them.”
Recently, Reform UK has seen a rise in popularity in polls, along with a solid performance in local elections earlier this month. The next general election is slated for August 2029.
The party announced on Thursday its intent to be the first European political organization to accept crypto contributions.
