In brief
- Reform UK has reportedly received a donation in cryptocurrency, the UK’s first ever to a political party.
- Donations must be referred to the electoral regulator if they exceed £11,180 ($14,905).
- Commentators warn that crypto-based donations may increase the risk of anonymous and illicit campaign contributions.
The UK’s Electoral Commission is planning to update its approach to crypto-based political financing, amid reports of the country’s first crypto donation to a major political party.
“We will be updating our guidance on crypto donations shortly, ”a spokesperson for the regulator told Decrypt, adding that, “The Commission continues to review and adapt the support we provide to parties and monitor the ways they accept donations.”
Reporting over the weekend indicated that Nigel Farage’s party Reform UK has received a donation in crypto, according to people familiar with the matter.
Neither the value of the donation nor the particular cryptocurrency used has been shared, although UK electoral law dictates that parties must notify the Electoral Commission if donations exceed £11,180 ($14,905).
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Author: Simon Chandler
