UK Reform Party leader "Establishment of National Bitcoin Reserves and Reduction of Cryptocurrency Taxes" as a general election pledge

Table of Contents* 1. The UK Reform Party's commitment to cryptocurrency monetary policy

• 2. Mr. Farage Talks About Cryptocurrency Taxation and National Strategy

• 2.1. Virtual coin capital gains tax rate of 10% and account closure prohibition
• 2.2. Acceptance of cryptocurrency donations by the Reform Party

• 3. The UK political arena is shaken by monetary policy regarding virtual currency.

• 3.1. The current administration raises alarms about monetary policy in virtual currencies.
• 3.2. An Era Where Cryptocurrency Donations Drive Politics

The British Reform Party Promises Cryptocurrency Monetary Policy

On May 30, 2025, Nigel Farage, leader of the United Kingdom (UK) Reform Party, announced his intention to make significant reforms to cryptocurrency policy if he wins power in the next general election in 2029 in a speech at the Bitcoin conference "Bitcoin 2025" held in Las Vegas, USA.

Farage gave a speech while holding up a draft bill dubbed the "Crypto and Digital Finance Bill" and revealed plans to create a national bitcoin reserve and implement a significant reduction in capital gains tax on crypto investments.

Additionally, Mr. Farage stated that his party will "bring about a cryptocurrency revolution in the UK," emphasizing the idea of transforming the UK into a global "cryptocurrency hub (cryptocurrency superpower)."

Mr. Farage Speaks on Cryptocurrency Taxation and National Strategy

In Mr. Farage's speech, the specific contents of the cryptocurrency (crypto asset) and digital finance bill were introduced.

Virtual currency capital gains tax rate 10% - account closure ban

According to him, this bill includes measures to reduce the capital gains tax rate on virtual coins from the current maximum of 24% to 10%, and it also specifies plans to establish a "Bitcoin reserve" at the Bank of England (the central bank of the UK).

In addition, it includes provisions that outlaw the act of banks closing customer accounts or refusing to provide services (debunking) because of cryptocurrency.

Mr. Farage stated that through these efforts he aims to "rescue cryptocurrencies and digital assets from the current neglect in the UK" and emphasized his goal of updating the British economy to a form suitable for the 21st century.

Mr. Farage mentioned that approximately 7 million people (over 10% of the population) in the UK hold cryptocurrencies, emphasizing the need to reflect the voices of cryptocurrency users in policy.

In order to gain support from the younger generation, it was emphasized that "let's change this country together with the youth of the UK," and that digital assets such as cryptocurrencies and Bitcoin can no longer be ignored.

Mr. Farage revealed that he himself had the experience of having multiple bank accounts unilaterally closed last year, stating, "That is why many people are turning to Bitcoin and cryptocurrencies. The ultimate freedom is the assurance that your bank accounts will not be closed."

Acceptance of cryptocurrency donations by the Reform Party

It was also announced that the Reform Party has started accepting donations in Bitcoin (BTC).

Mr. Farage stated, "Our party has become the first in the UK to accept donations in cryptocurrencies such as Bitcoin," and revealed on the Reform Party's official website on the night of the 30th that a donation acceptance system using cryptocurrencies has been introduced.

On the party's website, donations can be made using Bitcoin, as well as Ethereum (ETH), Solana (SOL), and USD Coin (USDC). There is also a notice stating that donor information must be disclosed in accordance with the rules of the UK Electoral Commission.

Reform UK's official website

The UK Political Arena in Turmoil Over Cryptocurrency Policy

Mr. Farage's series of declarations about the "crypto revolution" has garnered significant attention both domestically and internationally.

The current administration is sounding the alarm on monetary policy regarding virtual currencies.

UK Prime Minister Keir Starmer (Labour Party leader) strongly criticized Mr. Farage's overall fiscal policy in a speech on May 30, stating that it is "nothing more than an illusionary policy," and warned that if the Reform Party comes to power, it could "potentially lead to the collapse of the UK economy through a series of massive tax cuts."

The current administration's Chancellor of the Exchequer, Rachel Reeves, also announced a bill last month to regulate cryptocurrency companies in the same way as traditional financial firms, indicating that the UK government is emphasizing the importance of fostering a healthy market and protecting investors.

On the other hand, there are voices pointing out that the lifting of the ban on cryptocurrency donations by the Reform Party raises concerns that "cryptocurrencies have high anonymity, making it difficult to ensure transparency in political donations." Experts in financial crime prevention have expressed concerns that "anonymous donations via cryptocurrencies could become a loophole for unlimited inflow into the political arena."

A New Era Where Cryptocurrency Donations Drive Politics

However, Charles Morris, the founder of cryptocurrency investment analysis firm ByteTree, has shown a positive outlook, stating that "for Mr. Farage, accepting donations in cryptocurrency is a means to demonstrate that he resonates with cutting-edge financial technology."

In fact, looking at the world, in the United States, Mr. Trump is raising campaign funds through cryptocurrency for the 2024 presidential election, and a supporting organization (PAC) has collected approximately $7.5 million (about 1.1 billion yen) in cryptocurrency donations.

The Reform Party's "virtual coin hub" policy aligns with the global trend of digital asset proliferation, and Mr. Farage praised the acceptance of digital assets in America as a "wonderful move," while also indicating his desire to elevate London to one of the world's leading centers for virtual coin trading.

A public opinion poll in February 2025 reported that the Reform Party's approval rating surpassed that of major political parties, and this cryptocurrency policy is drawing attention as an important political strategy for Mr. Farage ahead of the 2029 general election.

*The price is based on the exchange rate at the time of writing (1 dollar = 144.28 yen)

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Source: Bitcoin 2025

Writing and Translation: BITTIMES Editorial Team

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