Key Takeaways
- British opposition leader says he will introduce a Donald Trump-style foray to try and woo young voters during the next election.
- Nigel Farage says that if elected, he will make cryptocurrency a priority and make the UK the world’s leading crypto hub.
- The UK is planning to amend its cryptocurrency law to align with the US rather than EU countries.
Britain’s Reform UK leader Nigel Farage plans to woo young British voters with a Donald Trump-style bid into cryptocurrency that could make the UK a crypto hub if his party wins the next election.
According to a Bloomberg report citing remarks by his party, Farage will be unveiling his proposed “crypto bill” during a Bitcoin Conference in Las Vegas on Thursday, aiming to turn the UK into a crypto powerhouse.
Crypto One of The Key Priorities
The legislation proposed reducing the capital gains tax applicable to crypto investments from the current 24% to 10%, in addition to creating a two-year regulatory sandbox that would help London innovate. It would also make it illegal for anyone to restrict people from using cryptocurrency to pay for goods and services if they wanted to. If elected Prime Minister, Nigel Farage says, he would jumpstart and reboot the local economy and make Britain one of the most innovative in the world.
Nigel, who is scheduled to address the world’s largest Bitcoin conference in Las Vegas, said his Reform UK movement would publish the Crypto Assets and Digital Finance Bill, which would be one of his key priorities in government. He opines that their Trump-style crypto foray would reshape the economy as it relates to a new generation consisting of millions of young people they believe have been ignored by the political establishment for far too long. He said:
“This Bill recognizes the reality of the modern economy: 7m people in the UK now hold crypto. One in four of these investors are aged 18 to 34. And yet not a single legacy party has taken them seriously.”
Align with the US and Not the European Union
According to the Reform UK party leader, their proposed crypto regulation will unleash a bold, post-Brexit plan that would make the UK a crypto and digital finance hub, enabling it to regain its lost glory as a leader in the financial technologies of the future. He suggested that his government would restore the rights of every citizen to control their own money – free from arbitrary decisions made by unaccountable banks.
The remarks about the proposed Trump-style crypto foray come at a time when the UK plans to introduce cryptocurrencies into compulsory regulation in cooperation with the United States as it seeks the best approach toward digital assets. Britain’s Finance Minister, Rachel Reeves, recently unveiled a new draft law that aims to extend existing financial regulation to companies involved in cryptocurrency, aligning Britain with the US rather than the European Union, which has established rules tailored to the industry, experts said.
The proposed set of draft rules for the British came as US President Donald Trump continues to embrace crypto and has vowed to roll back regulatory curbs on the industry, worrying critics. Eurozone finance ministers said last March they were concerned the US embrace could affect eurozone monetary sovereignty and financial stability.
Conclusion
As Reform UK leader Nigel Farage insists that his party believes in the excellent, dynamic potential of the British people, his proposed digital asset bill could become a catalyst for a transformative agenda to deliver a new British economy fit for the digital age. To turbocharge growth, level the playing field for young people, and provide opportunities for all citizens of the United Kingdom. Only time will tell if this will be sufficient to win over the young, tech-savvy generation of voters.
Frequently Asked Questions
Is the UK a crypto-friendly country?
Yes, the UK is considered a crypto-friendly country. It has a clear and supportive regulatory framework for cryptocurrency, and the government actively works with the industry to ensure that regulations support innovation while protecting consumers.
What is the UK’s stance on crypto?
At a major summit in London to mark UK Fintech Week, the Chancellor announced that the UK has published draft legislation to regulate crypto assets, aiming to better protect millions of people across Britain. Around 12% of UK adults now own or have owned crypto, up from just 4% in 2021.
What is the crypto demographic in the UK?
The majority of cryptocurrency owners in the United Kingdom are in the 18-34 age group (56%). Only 4.6% of them are 55 years old or above.
