We hope that we will soon have the opportunity to tackle these weaknesses through an elections Bill. The Liberal Democrats believe that the Bill must include a comprehensive ban on cryptocurrency donations to political parties, building on the policy paper that the Government published last year, which proposed tighter rules on political donations. Crypto creates the perfect vehicle for hostile states and foreign oligarchs to funnel money into British politics while evading scrutiny.
Transparency International UK has warned that the anonymity that can come with these donations provides a “backdoor for foreign interference”. Analysis from Spotlight on Corruption shows that only three parties have indicated that they will accept cryptocurrency donations: Reform UK, the Homeland party and the Other party. Reform UK even has a dedicated page for cryptocurrency donations.