On February 26, news reports indicate that some UK Members of Parliament are pushing for a temporary ban on political cryptocurrency donations to address potential foreign funding interference risks. Led by Matt Western, Chair of the Joint Committee on National Security Strategy, the MPs have written to Housing, Communities and Local Government Secretary Steve Reed, recommending a pause on party acceptance of digital asset donations until clear regulatory guidelines are established by the Electoral Commission.
In the letter, Matt Western pointed out that the UK currently lacks a unified national enforcement framework to comprehensively regulate sources of political funding, especially given the high anonymity of crypto assets, which presents new challenges for transparency in political financing. As the UK’s role in European security increases, political funding could become a significant factor influencing diplomatic positions, making strengthened oversight mechanisms strategically important.
The proposal includes allowing parties to handle crypto donations only through virtual asset service providers registered with the Financial Conduct Authority, and requiring high-confidence verification of the ultimate source of funds. MPs also suggest banning tools like mixers that could obscure the origin of funds, and mandating that parties convert cryptocurrencies into GBP within 48 hours to reduce price volatility and compliance risks.
Additionally, the proposal involves enhancing due diligence on donors, increasing penalties for violations involving foreign funds, and expanding regulatory agencies’ enforcement powers in election finance audits. Although some MPs previously sought to include a comprehensive ban directly in the Representation of the People Act, the version submitted to Parliament in February does not contain such provisions, indicating that policy discussions are still ongoing.
Notably, political fundraising via cryptocurrencies has already seen significant growth in other countries. For example, U.S. election regulators permit political committees to accept crypto donations, provided they comply with disclosure and contribution limits. Several politicians, including Donald Trump, have adopted digital asset fundraising during election cycles. In contrast, the UK currently emphasizes compliance with political funding laws, anti-money laundering checks, and cross-border fund monitoring. This regulatory trend could have lasting impacts on future policies regarding crypto political donations and the development of global crypto compliance frameworks.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Hong Kong SFC Strengthens Global Regulatory Cooperation to Combat Illegal Activities by Financial Influencers
Gate News message, April 24 — Hong Kong's Securities and Futures Commission (SFC) announced it is working with securities regulators worldwide to combat illegal activities by financial influencers. Over the past year, the SFC has made progress through enforcement actions and collaboration with
GateNews40m ago
Wisconsin Sues Coinbase, Polymarket, Kalshi Over Prediction Markets
Wisconsin filed a lawsuit against five major prediction market platforms—Coinbase, Polymarket, Kalshi, Robinhood, and Crypto.com—claiming their "event contracts" violate state gambling laws and constitute illegal sports betting. Wisconsin Attorney General Josh Kaul argued that labeling these
CryptoFrontier1h ago
Taiwan’s 14 brokerage firms have launched virtual asset ETFs via omnibus authorization for cross-advisory (sub-advisory) arrangements, with cumulative trading exceeding NT$98.99 billion New Taiwan dollars
According to the latest statistics provided by the Securities and Futures Bureau of the Financial Supervisory Commission, as of the end of March 2026, a total of 14 securities firms in Taiwan have launched virtual asset ETF cross-border/overseas custody (futures commission) re-delegation business, with cumulative trading exceeding NT$9.9B. Huang Zhonghao, Deputy Director of the Securities and Futures Bureau of Taiwan, stated that the Financial Supervisory Commission (FSC) has required the securities firms’ association to submit an assessment report on the performance of the virtual asset ETF cross-border/overseas custody (futures commission) re-delegation business over the past year, and that the assessment will expand eligibility to retail investors.
MarketWhisper2h ago
Bernie Sanders: Crypto projects like WLFI have contributed more than $3 billion to the Trump family
American independent senator Bernie Sanders of Vermont posted on the X platform on April 24, citing a report published in the January issue of The New Yorker, listing a breakdown of the income allegedly earned by the Trump family through cryptocurrency, Gulf transactions, and other sources, with an estimated total of $4.05 billion.
MarketWhisper2h ago
Fed Chair nominee Warsh has a net worth of more than $135 million: SpaceX and Polymarket holdings—amount not disclosed
Fed Chair nominee Warsh’s OGE Form 278e asset disclosure form, submitted before his 4/21 Senate Banking Committee hearing, shows that his reported total assets range from $135 million to $226 million—making him the richest-known Fed chair nominee in U.S. history. On the same day, Forbes noted that his spouse, Jane Lauder, is an heir to the Estée Lauder Group with an estimated personal net worth of $1.9–$2.5 billion, which was not included in Warsh’s current filing.
Reported assets: main components
In his filing, Warsh disclosed nearly 70 holdings, covering VC
ChainNewsAbmedia2h ago
