UK Leader Plans New Crypto Bill if His Party Wins

British politics takes a bullish turn on crypto as the opposition leader pledges regulatory clarity—just in time for the next election cycle. The proposed bill aims to position the UK as a "digital asset hub," though skeptics note it’s conveniently timed to woo fintech donors.

Key details remain vague, but the promise includes tax incentives for blockchain startups and faster licensing for exchanges. Critics whisper this is less about innovation and more about filling campaign coffers with crypto cash.

One hedge fund manager quipped: "Finally, a political moonshot that doesn’t require taxpayer money... just their speculative investments."

Farage’s Long-Standing Support for Crypto

Farage has a history of supporting digital currencies. He has previously promoted crypto through investment newsletters and has compared the rise of Bitcoin to the rise of his political party. His conference describes Bitcoin as “a peaceful revolt against centralized control, inflationary policy, and state surveillance.”

He has also voiced strong opposition to central bank digital currencies like “Britcoin,” currently being explored by the Bank of England. The proposed legislation includes three main parts. First, it lowers the capital gains tax rate on crypto from 24% to 10%, which Reform says will encourage trading and attract crypto businesses to the UK.

Second, it introduces a two-year Financial Services Sandbox to let startups and institutions experiment with blockchain technology under lighter rules. Third, it WOULD make it illegal for banks to shut down accounts solely because the customer uses legal crypto.

Reform UK claims the bill will unlock growth, and support individual freedom. The party argues that outdated financial rules have held the UK back and that the bill will give young people more opportunities in the modern economy.

“This kind of bespoke, competitive tax rate would have been impossible under EU law,” the party said, pointing to post-Brexit freedoms. It added that the UK’s financial services sector has been “smothered” and needs to be rebooted.

Farage’s crypto plan mirrors steps taken by former U.S. President Donald Trump, whom Farage calls a friend. TRUMP recently embraced crypto and appointed pro-crypto regulators into office. Reform UK appears to be targeting the same type of younger, online audience who view digital assets as a path to financial freedom.

According to a 2024 report from the Financial Conduct Authority, 12% of UK adults now own crypto, with men aged 18–34 making up the largest group. Reform UK believes this fast-growing group has been ignored for too long.

Also Read: Trump Team will Fire Anti-crypto Regulators Like Gary Gensler