Farage Pitches Himself as Crypto’s ‘Champion,’ Proposes UK Bitcoin Reserve and Tax Cuts

Core Points - Nigel Farage, leader of Reform UK, has proposed significant changes to crypto taxation and regulation in the UK, aiming to support the growth of the crypto industry [1][5] - The proposed legislation includes reducing capital gains tax on crypto investments from 24% to a flat 10% and establishing a Bitcoin reserve using £5 billion from seized criminal assets [1][3] - Reform UK has become the first major political party in the UK to accept crypto donations, including Bitcoin, Ethereum, Solana, and USD Coin [2] Taxation and Regulation - The proposed bill would allow British taxpayers to pay taxes directly in Bitcoin, with options for conversion to pounds or allocation to a reserve fund [3] - The legislation aims to prevent banks from denying services to customers based on lawful crypto activities, addressing concerns over "debanking" [3] - Farage criticized the Bank of England's plans for a central bank digital currency, labeling it as "the ultimate authoritarian nightmare" [3] Industry Competitiveness - Farage emphasized the need for the UK government to act quickly to regulate the crypto industry to maintain its status as a financial hub [5] - He pointed out the lack of discussion around digital assets and the absence of a regulated market in the UK [5] - Farage also criticized the Bank of England's proposed stablecoin holding limits, calling them "frankly ridiculous" [4]