Nigel Farage, leader of Reform UK, is planning to introduce a new cryptocurrency bill in Parliament if his party wins the next general election. The plan is expected to be revealed during the Bitcoin conference in Las Vegas later today, with a full policy briefing scheduled for Friday in London.
According to Reform UK, the proposed law aims to turn Britain into a “crypto powerhouse.” It would include a capital gains tax cut on crypto from 24% to 10%, a two-year regulatory sandbox for crypto firms to innovate in London, and a legal block on banks closing accounts just because someone uses crypto.
The plan has not yet been officially announced by Farage himself but was shared in advance with the media by his party. However, It is a push by Reform UK to appeal to young and tech-savvy voters, especially those aged 18 to 34, who make up a large share of crypto users in the UK.
According to the party, seven million people in Britain currently hold cryptocurrency. “Not a single legacy party has taken them seriously, but Reform will. It’s time for Britain to lead again.” said the party in a statement, according to a Bloomberg report.
The bill will be formally presented to journalists at a breakfast event in the City of London on Friday. This will be the first time the party has introduced a fully written bill as part of its policy platform, and also part of Farage’s effort to show that Reform UK is more than a protest movement and has a serious plan for government.
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.
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