Nigel Farage Promises 14% Capital Gains Tax Cut on Crypto if Elected

Nigel Farage, the leader of Britain’s Reform Party, has pledged to champion crypto-friendly reforms if elected prime minister in the UK’s next general election, scheduled for 2029. At the Bitcoin 2025 conference in Las Vegas, Farage unveiled an ambitious legislative plan that includes a proposed “Crypto Assets and Digital Finance Bill.” This bill aims to significantly lower capital gains tax on crypto from the current 24% to 10%, mandate the Bank of England to create a Bitcoin reserve, and prohibit banks from denying services to individuals or businesses based on their crypto-related activities.

The practice of “debanking,” where banks refuse services to crypto users, has been a contentious issue. Farage himself has claimed to have been denied bank accounts for political reasons, a grievance he used to connect with the conference audience. He emphasized that Bitcoin offers a level of freedom that traditional banking cannot, as it cannot be closed down by authorities.

Farage’s stance on cryptocurrency aligns with a growing global trend among right-wing parties embracing digital assets. Politicians in various regions have advanced similar initiatives, linking crypto’s decentralization ethos with broader anti-establishment narratives. Farage closed his speech by framing the Reform Party’s crypto-friendly stance as part of a larger fight for financial freedom, stating, “It’s about freedom and control of your own money, and that’s what we stand for.”

In addition to his legislative proposals, Farage announced that the Reform Party now accepts crypto donations via its website, supporting Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and USD Coin (USDC). This move further solidifies the party’s commitment to embracing digital assets and promoting financial freedom.

The UK government has also announced plans to enforce mandatory crypto trade reporting starting January 1, 2026. This initiative aims to strengthen tax compliance and oversight in the digital asset sector. Crypto firms will be required to collect and report detailed customer information on every trade and transfer, including full names, home addresses, and tax identification numbers for all users. Each transaction must also be logged with specifics such as the cryptocurrency used and the amount transferred. Firms that fail to comply or submit inaccurate data may face penalties of up to £300 per user.

Farage’s pro-crypto stance and the UK’s regulatory efforts highlight the evolving landscape of digital assets in the region. As the next general election approaches, Farage’s proposals could significantly impact the future of cryptocurrency in the UK, potentially paving the way for greater adoption and integration of digital assets into the financial system.