The UK Electoral Commission is set to update its guidelines on cryptocurrency donations, aiming to enhance transparency and address existing loopholes. This move comes as Reform UK, led by Nigel Farage, reportedly received its first crypto donation, though the amount and currency remain undisclosed. Under current electoral law, donations over £11,180 must be reported, and those over £500 must originate from qualified donors. Political parties are required to verify donor identities and can reject anonymous or ineligible contributions. While no parties have formally reported crypto donations, several are considering accepting them. The Commission's update seeks to ensure compliance and clarity in the evolving landscape of political funding.