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By Tom Carreras, Cheyenne Ligon|Edited by Nikhilesh De
Updated May 29, 2025, 9:46 p.m. Published May 29, 2025, 9:45 p.m.
- Nigel Farage, the leader of Reform UK, pledged to introduce crypto-friendly legislation and establish a bitcoin reserve at the Bank of England if he becomes Prime Minister.
- The proposed legislation aims to prevent banks from debanking customers for crypto interactions and suggests a 10% capital gains tax on crypto assets.
- Reform UK plans to become the first European political party to accept crypto donations, as it gains momentum in British polls.
Reform UK leader Nigel Farage promised today to pass crypto-friendly legislation and establish a bitcoin
reserve at the Bank of England if he comes into government.
“We have put together… the Crypto Assets and Digital Finance Bill. We will campaign for this, and we will put it in place when we win in the general election,” Farage said on stage at the Bitcoin conference in Las Vegas.
STORY CONTINUES BELOW
“We are going to launch, in Britain, a crypto revolution. We’re going to make London one of the major trading centers of the world. We’re deadly serious,” Farage added.
The legislation will prohibit banks from debanking customers for interacting with crypto, Farage stated. He also talked about implementing a capital gains tax of 10% of crypto assets, arguing that “If taxes are reasonable, people will pay them.” He argued against the implementation of a British central bank digital currency (CBDC) as well.
Reform UK has been ascendant in British polls recently; the party also performed well in local elections earlier in May. The next general election, however, is currently slated for August 2029.
The party announced on Thursday that it would become the first European political party to accept crypto donations.
Tom writes about markets, bitcoin mining and crypto adoption in Latin America. He has a bachelor’s degree in English literature from McGill University, and can usually be found in Costa Rica. He holds BTC above CoinDesk’s disclosure threshold of $1,000.
On the news team at CoinDesk, Cheyenne focuses on crypto regulation and crime. Cheyenne is originally from Houston, Texas. She studied political science at Tulane University in Louisiana. In December 2021, she graduated from CUNY’s Craig Newmark Graduate School of Journalism, where she focused on business and economics reporting. She has no significant crypto holdings.
