Prime Minister Keir Starmer has announced an immediate ban on political parties accepting cryptocurrency donations, The Mirror reports.
The sweeping review, authored by former Home Office permanent secretary Philip Rycroft, also recommends capping political donations from British citizens living abroad at £100,000 to £300,000 per year.
Starmer stated that the new measures are a necessary defense against the "stark threats posed by illicit finance."
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The Nathan Gill scandal
The government commissioned the Rycroft review following the conviction of former Reform UK politician Nathan Gill, who was jailed for accepting bribes from foreign sources.
Rycroft is not "pressing the panic button," but he is firmly "ringing the alarm bell" regarding the vulnerability of the UK's political system.
Rycroft cited explicit threats of influence from hostile states. The review also pointed to potential interference from actors in allied nations, specifically referencing US billionaire Elon Musk's floated ideas about injecting money into British politics.
The proposed caps on overseas donations are expected to significantly impact Reform UK. The party has relied heavily on offshore financial backing.
Several other stringent measures that are likely to be debated in the government's upcoming elections bill include stricter financial vetting, targeting shell companies as well as lobbying and advertising.
No global consensus
Globally, there is no consensus on how to handle cryptocurrency in political campaigns.
The Federal Election Commission (FEC) permits cryptocurrency donations. For the 2025–2026 election cycle, crypto donations are subject to the exact same contribution limits as fiat currency.
Brazil's highest electoral court, the Tribunal Superior Eleitoral (TSE), strictly prohibits crypto donations to parties and candidates.
Australia banned cryptocurrency donations for all federal elections starting in 2022 to prevent untraceable funds.
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