UK Eyes Crypto Donation Reform After Reform UK Move

UK ministers, led by Cabinet Office Minister Pat McFadden, are calling for a review and possible ban on cryptocurrency donations to political parties due to concerns about traceability and risks of foreign interference. The issue gained prominence after Nigel Farage’s Reform UK became the first British party to accept crypto donations. Critics, including anti-corruption groups and Labour MPs, warn that digital assets could facilitate covert foreign funding in UK politics and urge the Electoral Commission to tighten regulations. Supporters argue that existing know-your-customer protocols and blockchain transparency are sufficient to ensure compliance with electoral law. Government sources indicate that forthcoming reforms may focus on strengthening transparency and rules against foreign interference rather than imposing a full ban. The UK’s evolving approach contrasts with countries like Ireland, which have already implemented bans, highlighting a broader international debate over digital assets in political fundraising.