Reform UK to accept crypto donations, Farage says
Reform UK will start accepting donations in cryptocurrency, making it the "first" British party to do so, its leader Nigel Farage has said - but the move has sparked concern from some experts.
The announcement came as Mr Farage spoke at a Bitcoin Conference in Las Vegas on Thursday, and as his party pledged to cut taxes on cryptocurrencies if elected.
"My message to the British public, my message particularly to young people, is help us to help you bring our country properly into the 21st century," he said.
"Let's recognise that crypto, Bitcoin, digital assets, are here to stay."
The MP for Clacton also introduced a 'Cryptoassets and Digital Finance Bill' - which he described as a "bold, post-Brexit roadmap" to make London a "world-leading trading centre".
However, experts have warned against the idea of allowing political donations to be made via cryptocurrency.
Financial crime expert Steve Goodrich told Politico's Playbook: "The anonymity offered by digital currencies makes it nearly impossible for political parties to have confidence in their donors' identities.
He added that the growth of crypto threatens a "widening loophole that could allow unlimited anonymous donations to flow into British politics."
Seven million Britons now own cryptocurrencies, and Nigel Farage is trying to court their votes
Donald Trump, who called Bitcoin a "scam" in 2021, changed course before the presidential election last year - and ended up receiving millions in donations from deep-pocketed investors.
Mr Farage appears to be following the same playbook, and has pledged to create a "sovereign Bitcoin reserve fund" so taxpayers can benefit if this cryptocurrency's price rises.
The Trump administration unveiled a similar policy in March - meaning Bitcoin seized from criminals would no longer be auctioned off, but held in case its value grows.
Data from Arkham Intelligence shows the UK currently holds £4.7bn worth of Bitcoin - but Labour has ruled out treating it as an investment, arguing that this asset is too volatile.
The government is yet to sell off these crypto holdings, despite the fact that it could comfortably pay for a U-turn on winter fuel payments - with plenty of change left over.
Mr Farage announced his policy at the Bitcoin conference in Las Vegas.
Pro-Bitcoin policies are unlikely to be front of mind for many British voters, who are still grappling with a cost-of-living crisis.
But Reform's stance marks another point of difference from both Labour and the Conservatives, who are yet to take a definitive stance on crypto.
It came as Reform chairman Zia Yusuf told reporters on Friday that if the party were elected to government, the party would allow people to pay their taxes through Bitcoin.
He also said Reform would reduce capital gains tax on assets like Bitcoin to 10% - with the hope of generating up to £1bn for the Treasury in 10 years.
Currently, cryptocurrencies incur a capital gains tax of either 18% or 24%.
He added that the cut may encourage additional use of the currency, and encourage people to move their assets to Britain.
Cryptocurrencies - like Bitcoin - have become increasingly popular over recent years, with research suggesting that around 12% of adults in the UK currently, or once, owned cryptoassets - compared to 4% in 2021.
Last month, the chancellor announced plans to regulate cryptoassets in order to make Britain a "world leader".
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Telegraph
14 minutes ago
- Telegraph
Duke of Sussex ‘asked Diana's brother if he should change his family name to Spencer'
Prince Harry asked Princess Diana's brother about changing his family name to Spencer, according to reports. During a rare visit to Britain, Prince Harry is said to have sought advice from his uncle Earl Spencer, about whether to assume his mother's surname. It would have meant dropping his current family name, Mountbatten-Windsor, which is used by his children, Prince Archie, six, and Princess Lilibet, three. The Duke, 40, was advised against the move by the Earl, 61, because of the legal hurdles, according to the Mail on Sunday. 'They had a very amicable conversation and Spencer advised him against taking such a step', a friend of the Duke told the newspaper. Mountbatten-Windsor is the surname available to descendants of the late Queen Elizabeth II and Prince Philip. It combines the British Royal family's House name of Windsor and Prince Philip's adopted surname of Mountbatten. The Duke's apparent desire to abandon the name speaks to the growing rift with his family. An interview with the BBC last month, in which he made a series of comments about the Royal family, is understood to have deepened the divide between Buckingham Palace and the Duke and his wife, Meghan, the Duchess of Sussex. On their birth certificates, the couple's children are Archie Harrison Mountbatten-Windsor and Lilibet Diana Mountbatten-Windsor. However, it was revealed last year, they had started using 'Sussex' as the official surname for their children. The Royal family name of Windsor was confirmed by Queen Elizabeth II following her accession to the throne in 1952. But in 1960, the late Queen and then Duke of Edinburgh elected for their direct descendants to carry the name Mountbatten-Windsor. This meant that when the Queen's children needed to declare a surname, it would be Mountbatten-Windsor. Mountbatten-Windsor first appeared on an official document on Nov 14 1973 upon the marriage of the Princess Royal and Captain Mark Phillips.
BBC News
17 minutes ago
- BBC News
Man charged after three police officers assaulted in Crawley
A man has been charged with multiple offences after three police officers were assaulted in Police said officers attended a property in Gossops Drive, Gossops Green, at about 14:30 BST on Saturday to arrest a suspect in an ongoing suspect resisted arrest and attacked three officers, causing "significant injuries", before fleeing to a nearby property, the force Rasool, 43, of Gossops Drive in Crawley, has been charged with grievous bodily harm with intent, two counts of actual bodily harm and two counts of non-fatal strangulation. He has been remanded in custody and will appear before Crawley Magistrates' Court on three officers required hospital treatment for their injuries, said Steve Biglands said: "My colleagues put their own safety at risk to protect the people of Sussex and they will continue to receive the full support of Sussex Police."I would like to commend them for their bravery and acknowledge the swift actions of their colleagues who responded to the incident."Police officers are human beings, and being assaulted while they carry out their duties should never be seen as 'part of the job'. "It is unacceptable and will not be tolerated."
BreakingNews.ie
20 minutes ago
- BreakingNews.ie
Farage has brought ‘racism and hatred' to Hamilton by-election, says Swinney
Nigel Farage has been accused of 'racism and hatred' by John Swinney in the last weekend of campaigning before polls open in the Hamilton by-election. The Scottish first minster hit out at the Reform UK leader, claiming he was a 'real threat' ahead of voting in the Hamilton, Larkhall and Stonehouse by-election on Thursday. Advertisement Criticism has been levelled at Mr Farage's party after a Facebook ad claimed Scottish Labour leader Anas Sarwar was prioritising Pakistani people over Scots and included a section of a speech in which he encouraged more people from south Asian backgrounds to enter politics. Nigel Farage (Ben Whitley/PA) Addressing activists – including a number of MSPs, former MPs and candidates for the 2026 Holyrood election – in Hamilton on Saturday, Mr Swinney contrasted Reform UK with former minister Christina McKelvie, whose death prompted the by-election. 'This is a by-election that none of us wanted to be fighting, because it meant that we'd lost somebody we loved, Christina McKelvie, who was an individual that represented generosity, tolerance and inclusion,' he said. 'That was how she went about her work in this constituency and in Parliament, and that's the antithesis of what's been brought into this by-election campaign by the politics of Nigel Farage, who's brought racism and hatred right into the heart of this community, and it is repugnant. Advertisement 'We are going to stand up to it in every way we can.' In response to journalists, the first minister said he was not concerned about defamation claims stemming from his allegations of racism against Mr Farage. When the by-election was called, it was widely seen as a two-horse race between the SNP's Katy Loudon and Labour's Davy Russell, but recent weeks have seen a surge in fortune for Mr Farage's party. Speaking to the PA news agency after his speech, the first minister said it is 'very clear' that Labour is 'out of this contest' and it is now 'between the SNP and Farage'. Advertisement 'I want to make sure that Farage's politics don't get any hold in Scotland, they are damaging,' he said. In his speech, the first minister repeatedly referenced Mr Farage, but when asked if he was increasing the chance of Reform gaining a foothold by paying the party's leader so much attention, Mr Swinney said: 'I've just got to make sure that people in this constituency are aware of the threat that Farage poses in this election. 'If Farage gets in here, then you know the agenda of NHS privatisation is what will follow, the agenda of undermining the Scottish Parliament will follow, because that's what he believes in.' Elsewhere in Hamilton on Saturday, Reform UK's candidate Ross Lambie gathered activists ahead of a canvassing session, including some bussed into the constituency from the north of England. Advertisement Speaking to journalists, Mr Lambie was asked why the parties believed to be the frontrunners at the beginning of the campaign were spending so much time on Reform. 'They're doing their canvassing and they're getting the same results as we are, that's why,' he said. He added: 'We are super proud that we're not being pigeon-holed with any particular voter and we're not being boxed into certain aspects of the community. 'We're getting votes from across the area. Advertisement 'If you were to chat to these volunteers, you'll find some of them were SNP voters in the past, many of them were Labour voters, Conservative voters. 'So that's the thing we're most proud of, that we're breaking down those old barriers in Scottish politics.' Anas Sarwar (Andrew Milligan/PA) Mr Sarwar said Labour is still in the race for the seat in Thursday's vote. 'It's between ourselves and the SNP, every single vote is going to count,' he told PA on Saturday. 'That's why, if you want to beat the SNP, if you want a local champion, if you want to start that pathway to a new direction, the best way of doing that is to vote for one of your own – vote for Davy Russell.' The Labour leader also accused the first minister of 'talking up Reform for a very, very long time', an assertion Mr Swinney rejects, while saying he would 'call out Nigel Farage's poison'.
