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

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

Under 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 declaring himself a "champion" of the UK crypto industry at the London Digital Assets Summit.