“We are going to launch, in Britain, a crypto revolution. We’re going to make London one of the major trading centers of the world,” Farage said.

What to know:

• Nigel Farage, the leader of Reform UK, pledged to introduce crypto-friendly legislation and establish a bitcoin reserve at the Bank of England if he becomes Prime Minister.
• The proposed legislation aims to prevent banks from debanking customers for crypto interactions and suggests a 10% capital gains tax on crypto assets.
• Reform UK plans to become the first European political party to accept crypto donations, as it gains momentum in British polls.

Reform UK leader Nigel Farage promised today to pass crypto-friendly legislation and establish a bitcoin BTC$105,460.84 reserve at the Bank of England if he comes into government.

“We have put together… the Crypto Assets and Digital Finance Bill. We will campaign for this, and we will put it in place when we win in the general election,” Farage said on stage at the Bitcoin conference in Las Vegas.

“We are going to launch, in Britain, a crypto revolution. We’re going to make London one of the major trading centers of the world. We’re deadly serious,” Farage added.

The legislation will prohibit banks from debanking customers for interacting with crypto, Farage stated. He also talked about implementing a capital gains tax of 10% of crypto assets, arguing that “If taxes are reasonable, people will pay them.” He argued against the implementation of a British central bank digital currency (CBDC) as well.

Reform UK has been ascendant in British polls recently; the party also performed well in local elections earlier in May. The next general election, however, is currently slated for August 2029.

The party announced on Thursday that it would become the first European political party to accept crypto donations.

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