According to Politico, the UK is considering implementing a policy to ban cryptocurrency donations to political parties, a move that would directly impact the Reform UK party and its leader Nigel Farage, who have made digital assets a core part of their advocacy for a cryptocurrency revolution in the UK.
Politico reported on Tuesday, citing informed sources, that this option is being discussed as part of the Election Bill aimed at enhancing political credibility, although this ban was not included in previous policy documents.
The report mentioned that a government spokesperson did not deny that the plan is under review and stated that relevant details would be outlined in the bill.
The Reform UK party became the first political party to accept cryptocurrency donations this year. Farage announced at the Bitcoin 2025 conference held in Las Vegas in May that the organization would begin accepting Bitcoin (BTC) and other cryptocurrency donations from qualified donors. The party subsequently launched a dedicated cryptocurrency donation portal.
This policy consideration comes as the Reform UK party is significantly leading in polls, with the latest national average support at around 29%, surpassing both the Labour Party and the Conservative Party. Trends indicate that the party is stabilizing at the top position after a steady rise leading up to the 2025 midterms, while Labour's support has dropped to about 18% and the Conservatives to 17%, resulting in a clear divergence from the traditional two-party system.
According to Politico, those calling for action on cryptocurrency donations include former Cabinet Office Minister Pat McFadden, Business Committee Chair Liam Byrne, and Phil Brickell, who leads a cross-party group on anti-corruption and fair taxation.
Proponents of the restrictions point out that digital assets make it more difficult to trace the true source of funds, increasing the risk of foreign money and criminal proceeds potentially infiltrating the political system.
The debate intensified after Nathan Gill, the former leader of the Reform Party in Wales, was sentenced to prison last month for making pro-Russian statements in the European Parliament and receiving payment for them. Farage has publicly distanced himself from Gill and denied any connection.
The Election Bill is also expected to tighten regulations on shell companies and non-corporate associations, requiring political parties to conduct risk assessments on donations that may pose a threat of foreign interference.
Related: EU banking group pushes for the launch of euro-pegged stablecoins by 2027
Original: “UK considers banning cryptocurrency donations to political parties”
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