Reform will make the UK a crypto powerhouse
Reform will make the UK a crypto powerhouse – and take young voters seriously, writes Reform UK chairman Zia Yusuf
For too long, British innovation has been stifled, young people have been denied opportunity, our startup community has been left to rot and our financial services sector has been smothered. As Prime Minister, Nigel Farage will jump-start and reboot the British economy. We will unleash the potential of the United Kingdom, and make our economy one of the most innovative in the world.
Later today Nigel will be speaking at the world’s largest Bitcoin conference in Las Vegas and tomorrow Reform will publish our Cryptoassets and Digital Finance Bill, which will be one of our key priorities in government. This Bill will reshape our economy for a new generation – for the millions of young people who’ve been ignored by the political establishment for far too long.
This Bill recognises 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. Reform will.
This legislation unleashes a bold, post-Brexit plan to make Britain the world’s leading hub for cryptocurrency and digital finance. It gives the City of London – once the envy of the world – the tools to lead again in the financial technologies of the future. It restores the rights of every citizen to control their own money – free from arbitrary decisions made by unaccountable banks.
Our plan to support crypto investors
First, a new 10 per cent Capital Gains Tax rate on crypto. For years, Britain’s innovators have been penalised with tax rates designed for a bygone era. Our simple, low rate encourages growth, will lead to more transactions, onshoring and compliance. This will in turn drive a big boost in tax revenue – repeating the winning formula that once made the City the global capital of finance. This kind of bespoke, competitive tax rate would have been impossible under EU law.
Reform UK will also introduce a two-year Financial Services Sandbox for blockchain. It allows major institutions and startups to innovate without being strangled by legacy regulation, while still keeping key safeguards in place. We want the world’s best digital finance firms to choose London over Frankfurt or Paris. With this sandbox, they will.
Third, and perhaps most importantly for millions of ordinary citizens: we will make it illegal for banks to close your account just because you transact in lawful crypto. The days of “debanking” are over. If you follow the law, you deserve access to the financial system. End of story. No more discrimination, no more excuses.
Our Bill is proof that a Reform government will prioritise individual privacy and sovereignty.
Reform UK believes in the awesome, dynamic potential of the British people. This Bill is a firing gun on a transformative agenda to deliver a new British economy, fit for the digital age. To turbocharge growth, level the playing field for the young and deliver opportunity for all citizens of the United Kingdom.
It’s time for Britain to lead again.