Key Takeaways:
- Nigel Farage pledged to pass a pro-crypto bill cutting taxes and creating a Bitcoin reserve if elected UK prime minister.
- The bill would also ban banks from denying services to crypto users, addressing concerns over “debanking.”
- The UK plans to enforce mandatory crypto trade reporting from January 2026 to boost tax compliance.
Nigel Farage, leader of Britain’s Reform Party, has thrown his full backing behind cryptocurrency, unveiling an ambitious pro-crypto legislative plan at this year’s Bitcoin 2025 conference in Las Vegas.
Taking the stage on Thursday, Farage promised that if elected prime minister in the UK’s next general election, scheduled for 2029, his government would champion crypto-friendly reforms.
Waving a draft of the proposed “Crypto Assets and Digital Finance Bill,” Farage declared, “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 bill would significantly lower capital gains tax on crypto from the current 24% to 10%, mandate that the Bank of England create a Bitcoin reserve, and prohibit banks from denying services to individuals or businesses based on their crypto-related activities.
The practice of so-called “debanking” has become a flashpoint in both political and crypto circles.
Farage himself has claimed he was denied bank accounts for political reasons, a grievance he leveraged to connect with the conference’s audience.
“I went to 10 banks, all of whom refused me an account,” Farage told the crowd. “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. He previously led UKIP, the driving force behind Brexit, and has long been a polarizing figure in British politics.
The Reform Party, his current platform, has faced its own accusations of racism, which party leaders have denied.
On Thursday, Farage also announced that the Reform Party now accepts crypto donations via its website, supporting 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
The party’s pro-crypto push aligns with a growing global trend among right-wing parties embracing digital assets.
In recent years, politicians in the U.S., El Salvador, and Argentina have advanced similar initiatives, linking crypto’s decentralization ethos with broader anti-establishment narratives.
Farage closed his speech by appealing to the conference audience, framing the Reform Party’s crypto-friendly stance as part of a larger fight for financial freedom.
“It’s about freedom and control of your own money,” he said, “and that’s what we stand for.”
UK to Enforce Mandatory Crypto Trade Reporting
The UK will require crypto firms to collect and report detailed customer information on every trade and transfer starting January 1, 2026, as part of a sweeping effort to strengthen tax compliance and oversight in the digital asset sector.
According to a recent statement from HM Revenue and Customs (HMRC), the new rules will mandate that platforms record full names, home addresses, and tax identification numbers for all users.
Each transaction must also be logged with specifics such as the cryptocurrency used and the amount transferred.
The reporting obligation extends beyond individual users to include companies, trusts, and charities engaged in crypto activity.
Firms that fail to comply or submit inaccurate data may face penalties of up to £300 ($398) per user.
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