UK Electoral Commission to update guidance on cryptocurrency political donations

The UK Electoral Commission is planning to update its guidelines on cryptocurrency political donations following reports that the Reform UK party received the UK's first cryptocurrency political donation. Under UK electoral law, donations over £11,180 (approximately $14,905) must be reported to the electoral regulator. Reform UK leader Nigel Farage has recently actively sought support from the cryptocurrency industry, promising to reduce capital gains tax on crypto assets from 24% to 10%, and declaring himself a "champion" of the UK crypto industry at the London Digital Asset Summit. (Decrypt)