Latest news with #ElectoralCommission
The National
2 days ago
- Business
- The National
Warning over ‘loophole' as Reform UK open crypto donations
It comes as Reform UK have announced they will begin accepting donations in cryptocurrency. Speaking at the Bitcoin Conference in Las Vegas yesterday, leader Nigel Farage pledged that his party would 'launch in Britain a crypto revolution'. Party chairman Zia Yusuf, meanwhile, told reporters on Friday that Reform UK had already received its first cryptocurrency donations, adding they were all compliant with Electoral Commission rules. READ MORE: Labour Government plan to teach 'importance of UK military' in schools But anti-corruption organisation Transparency International has warned that the 'integrity of our democratic process' is at risk unless the UK Government brings in reforms. Cryptocurrency donations are allowed within current rules, as long as parties collect enough information to 'properly check that each donation is from a permissible source'. The EC website explains: 'Cryptocurrencies are digital currencies that operate independently of any central bank or authority. 'The same rules apply to donations received in cryptocurrencies as any other donations. 'Sufficient information must be collected to check permissibility. There must be a means of valuing the donation given in any cryptocurrency.' Reform's website also currently contains a disclaimer on the top of the payment page which reads: 'Reform UK may accept a donation only from a permissible donor and where the identity of the donor is known. 'We ask you to provide information so that we can perform the required checks.' But Steve Goodrich, head of research and investigations at the anti-corruption organisation, told The National that cryptocurrencies still pose a 'serious challenge to UK political finance laws'. 'The anonymity offered by digital currencies makes it nearly impossible for political parties to have confidence in their donors' identities,' he said. 'Our current laws were designed to ensure transparency in political funding, but they were written before Bitcoin existed. Today, they appear increasingly outdated.' Goodrich added: "As cryptocurrency adoption grows, we face a widening loophole that could allow unlimited anonymous donations to flow into British politics. 'The government urgently needs to act and bring forward legislation to address both traditional big money influence and the emerging threat of digital donations. Without reform, the integrity of our democratic process remains at risk."
The National
2 days ago
- Business
- The National
Warning over ‘loophole' as Reform UK opens crypto donations
It comes as Reform UK has announced it would begin accepting donations in cryptocurrency. Speaking at the Bitcoin Conference in Las Vegas yesterday, leader Nigel Farage pledged that his party would 'launch in Britain a crypto revolution'. Party chairman Zia Yusuf, meanwhile, told reporters on Friday that Reform UK had already received its first cryptocurrency donations, adding they were all compliant with Electoral Commission rules. READ MORE: Labour Government plan to teach 'importance of UK military' in schools But anti-corruption organisation Transparency International has warned that the 'integrity of our democratic process' is at risk unless the UK Government brings in reforms. Cryptocurrency donations are allowed within current rules, as long as parties collect enough information to 'properly check that each donation is from a permissible source'. The EC website explains: 'Cryptocurrencies are digital currencies that operate independently of any central bank or authority. 'The same rules apply to donations received in cryptocurrencies as any other donations. 'Sufficient information must be collected to check permissibility. There must be a means of valuing the donation given in any cryptocurrency.' Reform's website also currently contains a disclaimer on the top of the payment page which reads: 'Reform UK may accept a donation only from a permissible donor and where the identity of the donor is known. 'We ask you to provide information so that we can perform the required checks.' But Steve Goodrich, head of research and investigations at the anti-corruption organisation, told The National that cryptocurrencies still pose a 'serious challenge to UK political finance laws'. 'The anonymity offered by digital currencies makes it nearly impossible for political parties to have confidence in their donors' identities,' he said. 'Our current laws were designed to ensure transparency in political funding, but they were written before Bitcoin existed. Today, they appear increasingly outdated.' Goodrich added: "As cryptocurrency adoption grows, we face a widening loophole that could allow unlimited anonymous donations to flow into British politics. 'The government urgently needs to act and bring forward legislation to address both traditional big money influence and the emerging threat of digital donations. Without reform, the integrity of our democratic process remains at risk."
ITV News
2 days ago
- Business
- ITV News
Reform to accept donations in Bitcoin, Farage says
Reform UK are now accepting donations in Bitcoin and other cryptocurrencies, Nigel Farage has announced. The party leader told the Bitcoin Conference in Las Vegas he would 'launch in Britain a crypto revolution' and make London 'one of the major trading centres of the world'. The plans are part of Reform's Crypto Assets and Digital Finance Bill, which they would put into effect if they won the next general election. From Westminster to Washington DC - our political experts are across all the latest key talking points. Listen to the latest episode below... Farage told the conference: '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.' 'Once again, we're being innovative,' he added. On the Reform UK website on Thursday evening, it was possible to make a donation using cryptocurrency. There was also a disclaimer stating that all donations are subject to Electoral Commission rules and that anonymous donations are not permissible. Farage said: '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. 'Let's recognise that crypto, Bitcoin, digital assets, are here to stay.' Announcing the crypto legislation that his party have drawn up, he also said 'we're going to have a Bitcoin digital reserve in the Bank of England'. In a video posted on his X account, Farage said: "America is leading the way in crypto and digital assets - what's happening in the UK? Nothing. "The Labour and Conservative parties don't even understand it, yet there are seven million British people that own crypto," he said. Cryptocurrencies such as Bitcoin have increased in popularity in recent years, with research suggesting around 12% of adults in the UK own or have owned cryptoassets, up from 4% in 2021. Last month, Chancellor Rachel Reeves announced plans to regulate cryptoassets in a bid to make the UK a 'world leader'. She told a fintech conference that she would back the builders as she announced plans to make crypto firms subject to regulation in the same way as traditional finance companies.
South Wales Guardian
2 days ago
- Business
- South Wales Guardian
Reform backs cryptocurrency tax cut as party receives first Bitcoin donations
Party chairman Zia Yusuf told reporters on Friday that a Reform government would reduce capital gains tax on assets such as Bitcoin to 10% as part of a raft of reforms to how cryptocurrencies are governed. Mr Yusuf, who does not own cryptocurrency, suggested the cut could generate up to £1 billion for the Treasury over a decade, saying it would encourage more use of such currency and encourage people to move their assets to the UK. Cryptocurrencies currently incur capital gains tax of either 18% or 24%, depending on the rate of income tax paid by the person selling the assets. Mr Yusuf also announced that Reform would allow people to pay tax in Bitcoin and establish a 'Bitcoin reserve fund' to 'diversify' the UK's reserve holdings. He said the UK was 'losing ground' to other countries, and added that Reform's proposals would help the financial services sector 'catapult itself back into being a leader'. The announcement came as party leader Nigel Farage said Reform would begin accepting donations in cryptocurrency. Speaking at the Bitcoin Conference in Las Vegas on Thursday, Mr Farage said: '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. 'Let's recognise that crypto, Bitcoin, digital assets, are here to stay.' Mr Farage pledged that his party would 'launch in Britain a crypto revolution' and make London 'one of the major trading centres of the world'. On Friday, Mr Yusuf told reporters Reform had already received its first cryptocurrency donations, adding they were all compliant with Electoral Commission rules. Cryptocurrencies such as Bitcoin have increased in popularity in recent years, with research suggesting around 12% of adults in the UK own or have owned cryptoassets, up from 4% in 2021. Last month, Chancellor Rachel Reeves announced plans to regulate cryptoassets in a bid to make the UK a 'world leader'. She told a conference that she would 'back the builders' as she announced plans to make crypto firms subject to regulation in the same way as traditional finance companies.
Rhyl Journal
2 days ago
- Business
- Rhyl Journal
Reform backs cryptocurrency tax cut as party receives first Bitcoin donations
Party chairman Zia Yusuf told reporters on Friday that a Reform government would reduce capital gains tax on assets such as Bitcoin to 10% as part of a raft of reforms to how cryptocurrencies are governed. Mr Yusuf, who does not own cryptocurrency, suggested the cut could generate up to £1 billion for the Treasury over a decade, saying it would encourage more use of such currency and encourage people to move their assets to the UK. Cryptocurrencies currently incur capital gains tax of either 18% or 24%, depending on the rate of income tax paid by the person selling the assets. Mr Yusuf also announced that Reform would allow people to pay tax in Bitcoin and establish a 'Bitcoin reserve fund' to 'diversify' the UK's reserve holdings. He said the UK was 'losing ground' to other countries, and added that Reform's proposals would help the financial services sector 'catapult itself back into being a leader'. The announcement came as party leader Nigel Farage said Reform would begin accepting donations in cryptocurrency. Speaking at the Bitcoin Conference in Las Vegas on Thursday, Mr Farage said: '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. 'Let's recognise that crypto, Bitcoin, digital assets, are here to stay.' Mr Farage pledged that his party would 'launch in Britain a crypto revolution' and make London 'one of the major trading centres of the world'. On Friday, Mr Yusuf told reporters Reform had already received its first cryptocurrency donations, adding they were all compliant with Electoral Commission rules. Cryptocurrencies such as Bitcoin have increased in popularity in recent years, with research suggesting around 12% of adults in the UK own or have owned cryptoassets, up from 4% in 2021. Last month, Chancellor Rachel Reeves announced plans to regulate cryptoassets in a bid to make the UK a 'world leader'. She told a conference that she would 'back the builders' as she announced plans to make crypto firms subject to regulation in the same way as traditional finance companies.
