Reform UK is seeking to reform the UK’s cryptocurrency regulations by proposing a reduction of capital gains tax on cryptocurrencies to 10%. Party chairman Zia Yusuf highlighted that this move aims to encourage cryptocurrency use and could potentially generate £1 billion for the Treasury over a decade. Additionally, Reform plans to allow tax payments in Bitcoin and create a Bitcoin reserve fund to diversify national assets. These initiatives come at a time of competitive pressure, as the chairman emphasized the UK’s need to restore its leadership in the financial services sector.
"Reform UK aims to cut taxes on cryptocurrencies, proposing a reduction of capital gains tax to 10%, which could potentially generate up to £1 billion for the Treasury."
"Mr. Yusuf stated that allowing tax payments in Bitcoin and establishing a Bitcoin reserve fund would diversify the UK's financial reserves and attract more crypto users."
Read at www.independent.co.uk
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