Nigel Farage Pledges to Slash Crypto Capital Gains, Force UK Bitcoin Reserve

Nigel Farage, the leader of Britain’s right-wing Reform Party, is going all-in on crypto—and used an appearance at Bitcoin 2025 this week to showcase his coalition’s new emphasis. 

Onstage Thursday at the annual Bitcoin conference, which this year took place in Las Vegas, Farage pledged to prioritize crypto should he become prime minister after the UK’s next general election in 2029. 

During the appearance, the British politician waved a printed copy of a new piece of legislation, dubbed the Crypto Assets and Digital Finance Bill, that he pledged to pass if voted into power.

“We will campaign for this and we will put it in place when we win the next general election,” Farage said to a cheering crowd of Bitcoiners. “And what we’re saying is: Bring crypto and digital assets in from the cold.”

The bill, per Farage, would slash capital gains taxes on crypto to 10% (down from the current maximum of 24%); obligate the Bank of England to establish a Bitcoin reserve; and outlaw British banks from denying services to customers based on their involvement with crypto and the crypto industry. 

Such alleged practices, dubbed “debanking,” have become a point of mutual sympathy between crypto users and right-wing political figures in recent months. Crypto industry leaders have long argued they have been denied banking services based on their affiliation with the sector, a claim that has been validated by government disclosures.

Similarly, figures including Eric Trump in the United States and Farage in Britain have said they were previously denied banking services based on their political views. 

On Thursday, Farage recounted his debanking experience, and attempted to use it as a means to connect with the conference’s crypto-focused attendees.

“I went to 10 banks, all of whom refused me an account,” he said. “No wonder so many people are going for Bitcoin, and going for crypto—because they can’t close you down, and that is the ultimate freedom.”

Farage has been a contentious figure in British politics for decades. He previously led the country’s UK Independence Party (UKIP), which played an instrumental role in passing Brexit—the UK’s 2016 withdrawal from the European Union. UKIP attracted controversy at the time, even among other conservatives, for employing allegedly racially charged anti-immigration rhetoric during the campaign. 

Farage shortly thereafter left UKIP to found the Brexit Party, which evolved into the Reform Party, and has since faced similar charges of racism, which the party has denied.

During Thursday’s appearance at Bitcoin 2025, Farage also revealed the Reform Party is now accepting donations in crypto via its website. The site currently accepts BTC, Ethereum (ETH), Solana (SOL), and USDC. 

The Reform Party’s embrace of crypto mirrors similar moves in recent months by other right-wing parties and governments around the world, in nations including the United States, El Salvador, and Argentina.

On Thursday, Farage tried to sell Bitcoin conference attendees on the Reform Party’s platform by framing it as similar to crypto’s ethos.

“We are anti-enstablishment,” he said. “We are disruptors.”

Edited by Andrew Hayward