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Farage Pitches Himself as Crypto’s ‘Champion,’ Proposes UK Bitcoin Reserve and Tax Cuts

Farage Pitches Himself as Crypto

Nigel Farage has pledged to slash crypto taxes and set up a UK Bitcoin reserve if elected. Reform UK’s chief declared at the Digital Asset Summit in London on Monday that “in relation to your business, in relation to development on this business, then I’m your champion.”

The proposed laws would cut back the capital positive aspects tax on crypto investments from 24% to a flat 10% and mandate that the Bank of England set up a Bitcoin reserve utilizing roughly £5 billion value of Bitcoin at the moment held from seized prison property.

Reform has grow to be the primary main UK political occasion to simply accept crypto donations, at the moment receiving Bitcoin, Ethereum, Solana, and USD Coin by its web site.

Farage Pitches Himself as Crypto's 'Champion,' Proposes UK Bitcoin Reserve and Tax Cuts
Nigel Farage in Bitcoin ‘25 Conference | Source: The London Economic

What Reform’s Crypto Bill Would Actually Do

Farage’s platform mirrors the strategy taken by U.S. President Donald Trump, who cultivated business help before his 2024 election victory and has pursued a crypto-friendly agenda since taking workplace in January 2025.

The Reform Party chief’s proposed invoice would enable British taxpayers to pay taxes immediately in Bitcoin, with funds both transformed to kilos or directed to the reserve fund.

Additionally, banks can be prohibited from denying or withdrawing providers to clients primarily based on lawful crypto-related actions, immediately addressing business issues over “debanking.”

Farage linked the debanking difficulty to his personal expertise, telling the convention crowd, “I went to 10 banks, all of whom refused me an account,” and including, “No surprise so many individuals are going for Bitcoin—as a result of they’ll’t shut you down, and that’s the final freedom.”

Meanwhile, Farage characterised the Bank of England’s plans for a central financial institution digital forex as “the final word authoritarian nightmare” and vowed to “cease it in a single day” ought to Reform win the following election.

He additionally focused the Bank of England’s proposed stablecoin holding limits, capping private holdings at £10,000 to £20,000 and enterprise holdings at £10 million, calling the restrictions “frankly ridiculous.”

According to Bloomberg, Farage claimed he had mentioned the stablecoin caps immediately with Andrew Bailey, the Governor of the Bank of England.

The Reform chief said that the UK authorities is falling behind worldwide rivals and should act rapidly to manage the crypto business to safeguard Britain’s place as a monetary hub.

Farage stated “this entire space of digital property and crypto simply isn’t being talked about in any respect,” and identified that “we’ve acquired no regulated market.”

He additionally stated that if Reform wins the following election, his authorities would enact the Crypto Assets and Digital Finance Bill “very, in a short time.”

Reform UK at the moment leads in quite a few polling projections.

However, Britain’s first-past-the-post electoral system presents a serious structural problem to translating that help into parliamentary seats, as demonstrated within the 2024 normal election when Reform acquired 4.1 million votes however secured solely 5 seats.

The subsequent UK normal election shouldn’t be anticipated till 2029, leaving 4 years for each political and market situations to shift.

Why Global Crypto Competition is Forcing UK Regulators to Act

Britain’s regulatory setting now faces competitive pressure from the United States, the place the Trump administration accelerated crypto-friendly insurance policies, together with the GENIUS Act for stablecoin oversight.

The European Union has additionally instituted a unified regulatory framework for digital property, creating incentives for UK policymakers to make clear their very own strategy to crypto regulation.

Earlier this month, the Bank of England introduced that it was contemplating exemption plans for its proposed stablecoin holding limits for crypto exchanges and different companies requiring giant holdings for liquidity functions.

Most not too long ago, Governor Andrew Bailey acknowledged that stablecoins may drive monetary innovation and coexist with conventional banking methods.

The Bank of England can also be making ready to allow stablecoins as settlement property in its Digital Securities Sandbox, a managed setting for testing blockchain-based buying and selling and issuance.

The unsure stance of the nation has prompted industry executives to warn that overly restrictive rules within the UK will danger diverting enterprise and expertise to jurisdictions with extra favorable crypto frameworks.

As it stands now, the Financial Conduct Authority will full its session on whether or not crypto companies ought to face the identical regulatory requirements as conventional monetary establishments by year-end, with implementation anticipated to start in January 2026.

The submit Farage Pitches Himself as Crypto’s ‘Champion,’ Proposes UK Bitcoin Reserve and Tax Cuts appeared first on Cryptonews.

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