Nigel Farage, the leader of Reform UK, has made headlines with his recent pledge to introduce crypto-friendly legislation and establish a Bitcoin (BTC) reserve at the Bank of England should his party come into power.
At a Bitcoin conference in Las Vegas, Farage unveiled plans for the Crypto Assets and Digital Finance Bill, emphasizing that it would be a cornerstone of his party’s agenda. He expressed a strong commitment to fostering a crypto revolution in Britain, aiming to position London as a leading global trading hub for digital assets.
One of the key aspects of the proposed legislation is the prohibition of banks from excluding customers engaged in crypto transactions, a move intended to provide regulatory clarity and support for individuals and businesses operating in the crypto space.
Farage also outlined a proposal to levy a capital gains tax of 10% on crypto assets, highlighting the importance of fair and reasonable taxation to incentivize compliance among crypto holders.
In addition to advocating for crypto-friendly policies, Farage voiced his opposition to the introduction of a British central bank digital currency (CBDC), underscoring his belief in the importance of preserving the diversity and innovation within the crypto ecosystem.
Reform UK’s growing popularity in British polls and recent successes in local elections have positioned the party as a significant player in the political landscape. With the next general election scheduled for August 2029, Farage’s vision for a more crypto-inclusive financial system has the potential to reshape the regulatory framework surrounding digital assets in the UK.
Furthermore, in a groundbreaking move, Reform UK announced that it would be the first European political party to accept cryptocurrency donations, signaling a broader embrace of digital currencies within political fundraising.
As Farage continues to champion pro-crypto policies and initiatives, the prospect of a BTC reserve and supportive legislation under a Reform UK government could mark a new chapter for the UK’s engagement with the burgeoning crypto economy.
