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British political parties will be banned from accepting donations in cryptocurrencies, Prime Minister Keir Starmer announced Wednesday, saying illicit finance poses a “stark” danger to the country’s democracy. That will include a moratorium on all political donations made through cryptocurrencies, he said during the weekly Prime Minister’s Questions session in the House of Commons. The move could be a financial blow to the hard-right party Reform UK, which accepts cryptocurrency donations.
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Reform UK deputy leader Richard Tice said the government was trying “to stop the incredible progress of Reform.” Reform has received 12 million pounds in the past year from Christopher Harborne, a British businessman based in Thailand, according to Electoral Commission figures.
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Rycroft said that “the number of donations made in cryptoassets is currently unknown” and advised that crypto donations should be banned temporarily until regulation catches up with the technology. The changes announced by Starmer must be approved by Parliament but will be backdated to take effect Wednesday, the government said.
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