"Ministers are working to ban political donations made with cryptocurrency but the crackdown is not likely to be ready for the elections bill in the new year, Whitehall sources have said. The government increasingly believes that donations made with cryptocurrency pose a risk to the integrity of the electoral system, not least because the source can be hard to verify."
"The government's ambition to ban crypto donations will be a blow to Nigel Farage's Reform UK party, which became the first to accept contributions in digital currency this year. It is believed to have received its first registrable donations in cryptocurrency this autumn and the party has set up its own crypto portal to receive contributions, saying it is subject to enhanced checks."
"Multiple government sources have said ministers believe cryptocurrency donations to be a problem, as they are difficult to trace and could be exploited by foreign powers or criminals. Pat McFadden, then a Cabinet Office minister, first raised the idea in July, saying: I definitely think it is something that the Electoral Commission should be considering. I think that it's very important that we know who is providing the donation, are they properly registered, what are the bona fides of that donation."
Ministers are working to ban political donations made with cryptocurrency, but officials say a ban will not be workable before the elections bill due in the new year. The government increasingly believes crypto donations threaten electoral integrity because sources can be hard to verify and such funds could be exploited by foreign powers or criminals. Any ban would probably have to come through government legislation rather than Electoral Commission guidance. Reform UK was the first party to accept cryptocurrency contributions, reportedly receiving registrable donations this autumn and creating a crypto portal that it says applies enhanced checks.
Read at www.theguardian.com
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