2025-10-14 09:15
publication
2025-10-14 09:15
Cryptocurrencies have been a loud topic not only for investment but also for politics in recent months. Nigel Farage presented himself as the savior of the British cryptocurrency sector at the Digital Asset Summit in London, saying: “I am your defender.” The Reform UK leader is trying to emulate US President Donald Trump in building electoral support among investors in digital assets.
As reported by the Financial Times, in a speech at the Digital Asset Summit in London, Nigel Farage boasted about his plans to create a state reserve of bitcoins and a draft cryptocurrency bill that would reduce the capital gains tax rate and allow taxes to be paid using cryptocurrencies.
“When it comes to your industry, when it comes to development in this industry, I am your advocate,” Farage said at the conference. “We will effectively take cryptocurrencies out of the cold market,” he added.
Regulators in the UK have come under pressure from cryptocurrency advocates to open up to digital assets. The reason is Donald Trump. which took care of this sector in the USA, and the EU introduced a uniform regulatory framework for cryptocurrencies.
What does the cryptocurrency proposal entail? Farage?
Draft bill on cryptocurrencies presented by the Reform Party assumes the creation of a national bitcoin reserve fund that will use bitcoins worth approximately £5 billionconfiscated by the government from criminals.
The party also proposed an arrangement a fixed tax rate on capital gains from cryptocurrencies of 10 percentinstead of depending on the type of activity and income of a given person.
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In his speech, Rarage also sharply criticized the Bank of England's plans to introduce a digital currency. The BoE is exploring the possibility of creating a currency that would essentially act like digital cash. Farage said the move “will be the ultimate nightmare of authoritarianism.” The European Central Bank is also working on a digital currency.
There are hundreds of cryptocurrency companies operating in the UK – from exchanges such as Coinbase and Kraken to B2C2 market makers and GSR. Farage's overtures to the sector mirror that of Trump, who spoke at a bitcoin conference before the US election last year and raised millions of dollars from the cryptocurrency industry for his election campaign.
The right-wing populist Reform Party, which is leading in the polls, is the only major party in the UK to accept cryptocurrency donations. The next parliamentary elections are not expected until 2029.
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Donald Trump's single social media post triggered a tsunami of panic that wiped out over $650 billion from the cryptocurrency market in 24 hours. While millions of investors watched in horror as their bills melted and the stock markets refused to obey, someone made a fortune. This is the story of “Black Friday” – the day that went down in history as the biggest single-day massacre on the cryptocurrency market.
Prepared by JM
