The UK Electoral Commission will update the guidelines for cryptocurrency political donations

ChainCatcher news, the UK Electoral Commission is planning to update its guidelines on cryptocurrency political donations, following Reform UK party's receipt of the UK's first cryptocurrency political donation.

According to UK election law, donations over £11,180 (approximately $14,905) must be reported to the electoral regulator. Reform UK party leader Nigel Farage has recently been actively seeking support from the cryptocurrency industry, promising to reduce the capital gains tax on crypto assets from 24% to 10%, and claimed to be a "champion" of the UK crypto industry at the London Digital Assets Summit.