UK government halts crypto donations over foreign influence fears
The UK government tightened rules around political donations on Wednesday, including pausing contributions made in cryptocurrencies, as it tries to protect against foreign interference in elections.
Prime Minister Keir Starmer told parliament that the measures were needed after an independent review into overseas political influence set out the ‘stark threats posed by illicit finance’.
‘We will act decisively to protect our democracy. That will include a moratorium on all political donations made through cryptocurrencies,’ he said during his weekly questions session.
Lawmakers from the hard-right Reform UK party, which has accepted crypto donations, walked out of the chamber following the announcement.
The government also announced it was capping donations from UK citizens living abroad who remain on the electoral register at £100,000, as recommended by the review.
That could also deal a blow to Reform, led by anti-immigrant firebrand Nigel Farage, whose party has led national opinion polls for over a year.
Electoral Commission data released earlier this month showed that Reform received a £3 million donation from Thailand-based aviation entrepreneur and crypto investor Christopher Harborne late last year.
It took Harborne’s contributions to Farage’s party to £12 million in six months, after a £9 million donation he made in August.
The government said the new measures will come into effect immediately.
It commissioned the review in December, following warnings by MPs and security services that Russia, China, and Iran were among countries to have tried to influence UK politics.
In November last year, former Reform member Nathan Gill was sentenced to 19 years in prison after admitting to having been paid £40,000 ($53,000) to make pro-Russian statements in the European Parliament.
The Electoral Commission, which oversees British elections, is unable to say how much money flows into politics via crypto because any donation of £500 ($668) or less does not have to be declared.
source: AFP
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