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FollowingBritish Labour MPs push for permanent ban on political donations to cryptocurrencies
A group of British Labour MPs are pushing for an amendment to the Representative of the People Act to turn the current temporary ban on political donations to cryptocurrencies into a permanent measure. The proposal would prohibit political parties, candidates and regulated campaign recipients from accepting donations in the form of proceeds from crypto-assets or digital assets. The proposal also stipulates that under UK political and financial regulations, donations transferred through cryptocurrency exchanges or escrow wallet providers will be deemed to be from non-allowed donors.
The amendment was led by Liam Bourne and co-proposed by Annelys Dodds, Yuan Yuan and Mark Siewes. Next week, the amendment will be considered during the bill reporting stage in the House of Commons.
Anonymous funding sources are at the heart of the proposal
Lawmakers believe that cryptocurrency donations increase the risk of anonymous funding, foreign interference, and donations that cannot be verified under existing electoral rules. The proposal builds on the government\'s previous moratorium on political donations to cryptocurrencies, as well as broader reform measures that aim to strengthen \"know your donor\" requirements, strengthen scrutiny of overseas funds, and strengthen oversight of campaign finance before and after elections.
The broader Representatives of the People\'s Act has introduced stricter candidate disclosure rules, stricter corporate donation requirements, and additional safeguards for foreign funds entering British politics. The new amendment will go one step further and transform temporary cryptocurrency restrictions into permanent provisions in UK election law, rather than just as a transitional measure.
Cryptocurrency funding controversy continues
This proposal is proposed against the backdrop of cryptocurrencies becoming an increasingly important part of the UK political debate in the wake of the high-profile digital asset donation incident and questions surrounding the transparency of campaign finance. The British government has promised to strengthen political and financial controls based on the Rycroft Report. If the amendment becomes law, the Election Committee is expected to issue relevant guidance.
At the same time, Europe continues to tighten regulation of the cryptocurrency market. Recent regulatory changes have reshaped exchange access and custody rules, such as Binance\'s setbacks with MiCA licenses and a broader July 1 transition deadline, which are changing the way the platform legitimately serves European users.
The amendment has not yet been adopted. It will be part of the People\'s Representatives Act and will proceed in accordance with normal parliamentary procedures until it becomes law.
