Starmer confirms ban on cryptocurrency donations and limit on foreign donors in blow for Reform

Cryptocurrency donations to UK politicians will be banned by the government, alongside donations from abroad being limited, in a move that could kneecap Reform UK.

In a further blow to Nigel Farage's party, the government is set to limit foreign British electors to donating £100,000 per year, adopting the most aggressive end of recommendations from a government-commissioned report. The moves would curb donations by Christopher Harborne, the Thailand based fan of cryptocurrency, who gave over £12m in the last year to Reform.

Reform UK also accepts crypto donations which would be suspended. Plans to limit the amount Britons overseas could donate to British political parties, limits on company donations and a new moratorium on cryptocurrency money for political parties have been proposed by an ex-mandarin in a report released today.

Philip Rycroft, a former top official, proposed immediate changes to legislation which he says will curb foreign financial influence on our political system. He also proposes banning political adverts which are funded overseas, as well as lowering the burden of proof for electoral offences.

Shortly after the release of the Rycroft report, Prime Minister Sir Keir Starmer confirmed in the House of Commons that he will ban cryptocurrency donations. "We will act decisively to protect our democracy," he said.

"That will include a moratorium on all political donations made through cryptocurrencies." Communities Secretary Steve Reed also confirmed that overseas electors will be capped at donating £100,000 per year, a ban that will apply from Wednesday 25 March. The cryptocurrency donation ban will apply from the same date.

Both will be implemented through amendments to the Representation of the People Bill currently passing through parliament. The report says that there is a "persistent problem of foreign interference.