What happened?
Nigel Farage, leader of Britain’s Reform Party, announced a pro-crypto legislative agenda at the Bitcoin 2025 conference in Las Vegas. He pledged to pass a bill that includes cutting crypto taxes and establishing a Bitcoin reserve if elected UK prime minister. The bill also aims to prevent banks from denying services based on crypto activities, addressing issues around “debanking”.
Who does this affect?
The proposed crypto bill affects cryptocurrency users and businesses in the UK who engage in digital asset transactions. It also impacts financial institutions, as they will be prohibited from refusing services to individuals using cryptocurrencies. Moreover, it has implications for the UK public and voters, as it forms part of Farage’s platform for the next general election.
Why does this matter?
This move signifies a potential shift in the UK’s financial policy landscape towards crypto-friendliness, which could attract more investment into the country’s digital asset market. Lowering crypto taxes and establishing a Bitcoin reserve may position the UK as a more competitive crypto hub globally. However, the proposal also intersects with intentions to enforce stricter crypto trade reporting by 2026, indicating a balanced approach between promoting growth and ensuring tax compliance.