Keir Starmer’s government is expected to ban cryptocurrency donations as part of efforts to tackle foreign interference in British politics.
The move is set to be a blow to Nigel Farage and Reform, who became the first party to accept donations in crypto currency.
Farage says the party have received “a couple” of donations in crypto, whilst he has also invested £215,000 in a bitcoin firm run by former Tory chancellor Kwasi Kwarteng.
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The government’s move to ban crypto donations will come off the back of a report on foreign interference in British politics, set to be published on Thursday (March 26).
The independent review, carried out by former senior civil servant Philip Rycroft, is expected to warn that crypto donations risk letting foreign powers intervene in British democracy, the Times reports.
Rycroft will call for the ban over concerns about the lack of transparency of such donations and risk of money laundering they pose.
The government has promised that Rycroft’s recommendations will be “incorporated” into the Representation of the People Bill, which is making its way through parliament.
Farage has previously claimed a ban on crypto donations would be “directly aimed” on Reform.
Rycroft’s review was launched following the conviction of Nathan Gill for accepting bribes to make pro-Russian statements.
It is also expected to recommend other measures such as forcing individuals behind opaque company donations to declare themselves to election regulators.
In 2025, Reform received £12m in donations from crypto investor Christopher Harborne.