Nigel Farage has pledged to slash crypto taxes and establish a UK Bitcoin reserve if elected. Reform UK’s leader declared at the Digital Asset Summit in London on Monday that “when it comes to your industry, when it comes to growth in this industry, then I am your champion.”
The proposed legislation would reduce the capital gains tax on crypto investments from 24% to a flat 10% and mandate that the Bank of England establish a Bitcoin reserve using approximately £5 billion worth of Bitcoin currently held from seized criminal assets.
Reform has become the first major UK political party to accept crypto donations, currently receiving Bitcoin, Ethereum, Solana, and USD Coin through its website.
Nigel Farage in Bitcoin ‘25 Conference | Source: The London Economic
Farage’s platform mirrors the approach taken by U.S. President Donald Trump, who cultivated industry support before his 2024 election victory and has pursued a crypto-friendly agenda since taking office in January 2025.
The Reform Party chief’s proposed bill would allow British taxpayers to pay taxes directly in Bitcoin, with funds either converted to pounds or directed to the reserve fund.
Additionally, banks would be prohibited from denying or withdrawing services to customers based on lawful crypto-related activities, directly addressing industry concerns over “debanking.”
Farage connected the debanking issue to his own experience, telling the conference crowd, “I went to 10 banks, all of whom refused me an account,” and adding, “No wonder so many people are going for Bitcoin—because they can’t close you down, and that is the ultimate freedom.”
Meanwhile, Farage characterized the Bank of England’s plans for a central bank digital currency as “the ultimate authoritarian nightmare” and vowed to “stop it overnight” should Reform win the next election.
He also targeted the Bank of England’s proposed stablecoin holding limits, capping personal holdings at £10,000 to £20,000 and business holdings at £10 million, calling the restrictions “frankly ridiculous.”
According to Bloomberg, Farage claimed he had discussed the stablecoin caps directly with Andrew Bailey, the Governor of the Bank of England.
The Reform leader stated that the UK government is falling behind international competitors and must act quickly to regulate the crypto industry to safeguard Britain’s position as a financial hub.
Farage said “this whole area of digital assets and crypto just isn’t being talked about at all,” and pointed out that “we’ve got no regulated market.”