Key Takeaways:
Nigel Farage has committed to advancing a pro-crypto legislative agenda, which includes tax cuts and the establishment of a Bitcoin reserve, should he become the UK prime minister. Additionally, the proposed legislation will prohibit banks from denying services to cryptocurrency users, addressing growing concerns over the phenomenon known as “debanking.” Furthermore, the UK government has announced that it will enforce mandatory reporting on cryptocurrency trades starting January 2026 to enhance tax compliance.
At the Bitcoin 2025 conference in Las Vegas, Nigel Farage, the leader of the Reform Party in Britain, revealed a bold plan aimed at fostering a supportive environment for cryptocurrency. Durante his address on Thursday, Farage affirmed his commitment to championing crypto-friendly reforms if elected in the upcoming general election scheduled for 2029.
Holding a draft of what he dubbed the “Crypto Assets and Digital Finance Bill,” Farage expressed enthusiasm, stating, “We will campaign for this and we will put it in place when we win the next general election… Bring crypto and digital assets in from the cold.”
UK Bill Proposes 10% Crypto Tax
The proposed legislation aims to drastically reduce capital gains tax on cryptocurrencies from the prevailing rate of 24% to 10%. The bill would also mandate the Bank of England to establish a Bitcoin reserve and would prevent banks from denying services to any individual or organization based on their cryptocurrency engagements.
The increasing issue of “debanking”—the practice where banks refuse services to crypto users—has sparked significant debate across both political and cryptocurrency communities. Farage, drawing from his personal experiences, claimed he was denied bank accounts for political reasons and used this narrative to resonate with attendees at the conference.
“I went to 10 banks, all of whom refused me an account,” he recounted. “No wonder so many people are going for Bitcoin—because they can’t close you down, and that is the ultimate freedom.”
Farage is no stranger to controversy and has a history as the former leader of UKIP, instrumental in advocating for Brexit. His political presence has consistently polarized opinion in the UK. The Reform Party has faced accusations of racism, which its leaders have publicly denied.
On the same day, Farage announced that the Reform Party has begun accepting cryptocurrency donations through its website, supporting various digital assets including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and USD Coin (USDC).
Let’s get the British economy into the 21st century.
Read Reform UK’s Cryptoassets and Digital Finance Bill.
https://t.co/5QytUV1p1V pic.twitter.com/pfqdAxhHPe
— Nigel Farage MP (@Nigel_Farage) May 30, 2025
This pro-crypto initiative from the Reform Party aligns with a growing international trend where right-leaning political parties are actively engaging with digital currencies. Recently, politicians in countries such as the U.S., El Salvador, and Argentina have pursued similar paths, linking the decentralized nature of crypto with broader anti-establishment sentiments.
In concluding his address, Farage rallied the audience, positioning the Reform Party’s pro-crypto stance as a critical aspect of the broader struggle for financial autonomy. “It’s about freedom and control of your own money,” he asserted, “and that’s what we stand for.”
UK to Enforce Mandatory Crypto Trade Reporting
Beginning January 1, 2026, the UK will implement regulations requiring cryptocurrency firms to gather and report comprehensive customer information related to every trade and transfer. This move is part of a broader strategy aimed at reinforcing tax compliance and regulatory oversight in the cryptocurrency sector.
According to a recent announcement from HM Revenue and Customs (HMRC), these regulations will mandate platforms to document full names, residential addresses, and tax identification numbers for all users engaged in crypto transactions.
Furthermore, each transaction will need to be logged with detailed information, including the cryptocurrency type and the total amount transferred. This reporting requirement will also apply to companies, trusts, and charities involved in cryptocurrency activities.
Failure to comply with these new regulations, or submitting inaccurate information, could result in penalties of up to £300 ($398) per user.
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