Transparency groups demand further curbs on party coffers

Political parties can still receive cash donations converted from digital currencies thanks to a loophole in the government's ban on crypto donations.

- Catherine Neilan

This method has already been utilised by Reform UK.

Last week, ministers announced a moratorium on crypto and a £100,000 cap on donations from British citizens living abroad, in response to a review of foreign influence on domestic politics by former senior civil servant Philip Rycroft. Another 15 recommendations are being considered as the representation of the people bill goes through parliament.

The move has been welcomed by transparency campaigners and MPs concerned about the impact of allowing dark money to filter through the UK political system, amid concerns that it could be directed by hostile states and others acting in bad faith.

However, they warned that the current restrictions only address donations at the point of declaration rather than further “upstream” in the chain of transactions.