UK weighs crypto donation curbs after Farage row

United Kingdom lawmakers are intensifying efforts to curb cryptocurrency political donations following controversy surrounding Nigel Farage and a multimillion-pound gift linked to crypto billionaire Christopher Harborne.

The UK government advanced draft legislation in March that would temporarily prohibit crypto political donations while parliament reviews broader concerns around transparency, ethics and foreign influence risks.

The renewed scrutiny follows reports that Farage received a 5 million pound ($6.7 million) personal gift before re-entering parliament and later purchased a 1.4 million pound ($1.8 million) property in 2024.

Farage and the Reform Party denied breaching parliamentary disclosure rules and argued the payment did not need to be declared because it was received before he resumed office.

“As the security environment worsens and the UK’s military role in Europe grows, the value of influencing the UK’s political positions, for example, on Ukraine, or US-EU relations, is likely to increase,”

Said United Kingdom Joint Committee on the National Security Strategy chair, Matt Western.

UK officials have increasingly warned that cryptocurrency donations could create loopholes for anonymous or foreign-linked political funding as digital assets become more widely used in global finance.

Prime Minister Keir Starmer said the government would “act decisively to protect our democracy” as lawmakers debate whether stricter crypto donation controls should become permanent law.