Government examines tighter rules as Reform UK’s surge raises fresh concerns over transparency
The UK government is considering whether to outlaw cryptocurrency donations to political parties, a move that could reshape funding rules ahead of the next general election. The proposal has gained traction as Reform UK — the only major party currently accepting crypto — climbs to the top of national polls.
Government Reviews New Restrictions
Officials are discussing the measure as part of an upcoming Elections Bill aimed at strengthening public confidence in political financing. While an outright ban was absent from earlier drafts, government sources told Politico the option remains under active review. A spokesperson declined to rule it out, indicating that full details will be released once legislation is finalized.
Reform UK in the Spotlight
Reform UK embraced digital-assets fundraising earlier this year, launching a portal for eligible supporters to contribute in Bitcoin and other cryptocurrencies. The timing has drawn attention as the party now polls near 29%, ahead of Labour and the Conservatives, signaling a dramatic reshaping of the political landscape.
Critics — including senior MPs on business and anti-corruption committees — warn that crypto-based donations could obscure the true origin of funds and introduce new risks of foreign interference.
The wider Elections Bill is expected to tighten disclosure rules for shell companies, unincorporated associations, and potentially any donations deemed vulnerable to influence from abroad. The debate has intensified following the recent imprisonment of former Reform Wales leader Nathan Gill for paid pro-Russia advocacy, an episode Reform UK has distanced itself from.
As policymakers weigh reforms, the question of whether crypto belongs in political finance has moved to the center of Westminster’s transparency agenda.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.