UK Parliament Committee Calls for Immediate Ban on Political Parties Accepting Cryptocurrency Donations

CoinNetwork · 2026-03-18T08:39:01+00:00

The UK Parliament's National Security Strategy Committee has called for a ban on political parties accepting cryptocurrency donations, citing high risks to the political finance system. The committee recommends establishing a prohibition in the Representation of the People Act and strengthening enforcement of political finance regulations and external donation oversight.

CoinNetwork

2026-03-18 08:39:01

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Crypto World Network, March 18 — The UK Parliament’s Joint Committee on National Security Strategy has called for an immediate ban on political parties accepting cryptocurrency donations, stating that they pose an “unnecessary and unacceptable high risk” to the political financial system. The committee recommends including a binding ban in the Representation of the People Act until stronger safeguards are established. The report also urges the creation of a new political finance enforcement unit within the National Crime Agency and the strengthening of rules on overseas donors. Currently, Reform UK is the only major party accepting crypto donations, having received £12 million from investors linked to Tether last year, prompting investigation requests. cybersecurity experts warn that KYC-based bans could force parties to store personal data centrally, creating “huge honeypots” for opponents and introducing new crypto vulnerabilities. The committee acknowledges that crypto tools can obscure the source of funds but believes current regulations are insufficient, with too many opportunities to circumvent rules.

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