Reform UK has opened up to crypto donations, making it the first UK party to do so. Farage said banks must not close accounts for people who buy or sell crypto.
He suggested allowing taxpayers to pay tax bills in Bitcoin. The proposed Crypto Assets and Digital Finance Bill would set new rules to protect crypto users and encourage firms to offer crypto services.
Reform UK’s chairman, Zia Yusuf, said cutting crypto taxes could bring rich entrepreneurs back to Britain. He pointed out that a lot of wealthy people leave for places with lower taxes on digital assets.
Reports disclosed that Reform UK wants to drop capital gains tax on crypto from 24% down to 10%. Yusuf said this change could reverse the flow of talent leaving the UK.
If companies see they can keep more profits, they might stay or move here. That could lead to more jobs and more tech start-ups. But critics warn that cutting taxes could leave a hole in government revenue. In turn, the Treasury might have to find money elsewhere or cut services.
Featured image from Unsplash, chart from TradingView
