The United Kingdom political party Reform UK wants to make cryptocurrency one of its priorities to attract young voters. Party chairman Zia Yusuf disclosed this in a recent op-ed, noting that the party intends to make the UK a crypto powerhouse.
The move comes amid the largely positive momentum for the crypto industry over the past year due to President Donald Trump’s support for the sector. Trump, who embraced crypto in the lead-up to his election as president, saw massive support from the industry, which contributed to his victory, and Reform is now trying to replicate that in the UK.
According to Yusuf, there is a need to reignite innovation efforts in the UK, and the Reform Party intends to achieve this when its leader, Nigel Farage, becomes prime minister.
He said:
“For too long, British innovation has been stifled, young people have been denied opportunity, our startup community has been left to rot, and our financial services sector has been smothered. As Prime Minister, Nigel Farage will jump-start and reboot the British economy.”
As part of its efforts to prioritize crypto, the party has now published its Cryptoassets and Digital Finance Bill to address crypto regulation in the country. Yusuf said the proposed legislation would make the UK a crypto and digital finance hub with London at the center of it.
With the party embracing crypto, it hopes to attract younger voters, who make up 25% of the seven million people who own crypto in the UK. However, Reform UK’s ambitions are quite lofty given that it only controls five seats in the UK House of Commons, far below the 403 seats held by Labour and 120 seats belonging to Conservatives.
Proposed legislation to reduce the tax burden on crypto investors
The Reform UK chairman explained some key issues its proposed Crypto Bill addresses. These include reducing the capital gains on crypto assets to 10%, far below the maximum 24% current rate, a move meant to address the tax burden for crypto holders.
Yusuf stated that simplifying the tax system and lowering rates could boost compliance and encourage more crypto investors to choose the UK. Thus, it could lead to higher revenue.
He said:
“This will in turn, drive a big boost in tax revenue – repeating the winning formula that once made the City the global capital of finance. This kind of bespoke, competitive tax rate would have been impossible under EU law.”
Beyond the tax benefits, the bill will provide regulatory clarity by introducing a 2-year regulatory sandbox for blockchain-focused firms. This move is expected to make the UK more attractive for firms while maintaining regulatory protections.
Interestingly, the bill wants to end debanking individuals and corporate entities due to crypto transactions. Yusuf said the Reform Party will make it illegal for banks to close users’ accounts simply because they transact using crypto.
This represents a particularly sore point for the party, given that its leader, Farage, was debanked in 2023. However, the UK government has already started trying to regulate the industry and recently proposed safe harbor rules for crypto assets.
Reform Party to start accepting crypto donations
Perhaps in a move to show its pro-crypto commitment, Farage has announced that Reform will start accepting crypto donations from all eligible donors. He shared this news while speaking at the Bitcoin Conference 2025, an event where Trump also spoke last year.
Reform UK became Europe’s first major political party to accept crypto donations with the move. This shows the massive gap between crypto adoption in Europe and the US, where the two major parties already accept crypto.
Meanwhile, Reform will use crypto payments provider Radom to process donations, which would accept major crypto assets, including Bitcoin and other major altcoins. Radom acknowledged this in its blog post, noting that it is a good sign for crypto adoption in Europe.
Interestingly, Farage also endorsed the creation of a strategic Bitcoin Reserve by the Bank of England, noting that he would campaign for this. This is similar to Trump’s campaign promises of creating a Bitcoin Reserve and Digital Assets Stockpile when he becomes president.
Unsurprisingly, many in the crypto community have praised this move, particularly because the current Labour-led government has said it would not consider Bitcoin a reserve asset. Bitcoin Policy UK executive Freddie New said that the advocacy group is ready to engage with the party and criticized the UK government for refusing to recognize Bitcoin as a reserve asset.