Nigel Farage Declares Himself the UK’s Crypto Advocate Before Upcoming Vote
Nigel Farage is entering the UK crypto dialogue with a daring proposal reminiscent of Donald Trump’s playbook. He advocates for the nation to maintain a £5 billion Bitcoin reserve, utilizing coins already confiscated by the government. Additionally, he is championing a flat 10 percent tax on crypto earnings, the cessation of the Bank of England’s digital pound initiative, and the possibility for citizens to settle their taxes using crypto.
In a speech that resembled more of a campaign event than a policy discussion, he positioned himself as the advocate for crypto in the UK, mirroring Trump’s style and timing just weeks away from a general election.
An Ambitious Plan That Seems Better in Theory
There’s no doubt that Farage’s plan is striking. £5 billion is a substantial amount, especially as the UK already possesses this via various operations, including a recent $15bn (£11.3bn) seizure alongside the US and authorities, and another $7.3bn (£5.47bn) seizure. Thus, this concept is more focused on how the funds are utilized rather than how they were obtained.
Yello Paradisers
Nigel Farage (the British politician and media personality) states that if he wins the election, he aims for the UK to embrace #Bitcoin and reduce #crypto taxes to 10%.
Is Britain about to embrace the crypto revolution or is it just a campaign promise? pic.twitter.com/fUPxKdfDor
— Simon Mach (@SimonMachCrypto) October 14, 2025
His initiative to reduce the capital gains tax on crypto to 10 percent would certainly grab attention. It could alleviate the financial strain on high-income earners and enhance the allure of crypto investment. Nevertheless, for any progress to occur, it would require backing from a government willing to codify it, potentially through a Finance Bill.
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Grand Ideas, Limited Political Influence
Farage may have the protocol, but he lacks the votes. Reform UK commands only five of the 650 seats in Parliament, rendering the process of transforming ambitious ideas into policy a challenging endeavor.
None of the primary institutions involved, such as the Treasury, the Bank of England, or Parliament, fall under his immediate authority. Given that most of his proposals would necessitate considerable institutional partnership, he faces an uphill battle. A private member’s bill could initiate discussion but generally doesn’t achieve much beyond that.
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Some Elements Are Already Underway
Even if Farage’s vision doesn’t fully materialize, elements of his ideas align with ongoing efforts. The UK has initiated the groundwork for crypto crypto law, particularly concerning stablecoins and custody frameworks.
Additionally, progress is being made on tokenized investment funds. This could facilitate exposure to crypto within traditional financial frameworks, paving the way for more regulated participation without needing to completely overhaul the existing system.
Regarding the idea of utilizing confiscated BTC as a national reserve, the government already possesses considerable quantities. Currently, regulations stipulate that these must be sold, but modifying that could be feasible if Parliament finds a justification.
Crypto Has Entered Political Discourse
Farage’s advocacy for crypto indicates that the subject has firmly entered the political arena. Although his proposal may not become legislation, it applies pressure on those in authority to clarify their positions.
If just a few of his suggestions gain momentum, they could alter the UK’s stance on crypto taxation, government-held Bitcoin, and the overarching regulatory environment.
He may not wield authority, but he has managed to redirect the discourse. This alone could stimulate action from those who do.
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Key Takeaways
- Nigel Farage has suggested employing the UK’s confiscated bitcoin—valued at approximately £5 billion—as a national reserve to support an innovative crypto strategy.
- His strategy includes a 10% flat tax on crypto earnings, abolishing the digital pound, and enabling citizens to use crypto for tax payments.
- Reform UK occupies merely 5 seats in Parliament, limiting Farage’s political influence to enact these proposals into law.
- Some of his concepts resonate with initiatives already underway in the UK, such as the regulation of stablecoins and crypto custody frameworks.
Farage’s proposal conveys that crypto has now become a pertinent political matter in the UK, increasing pressure on major political parties to clarify their perspectives.
The post Nigel Farage Calls Himself UK’s Crypto Champion Ahead of Vote appeared first on 99Bitcoins.
