Nigel Farage will kick off Reform UK’s policies in South Wales on Monday, where he is poised to put pressure on the Tories over immigration and tax.
The Reform leader will launch his party’s “contract with the people” – which they will not call a manifesto – in Merthyr Tydfil to highlight “what happens to a country when Labour is in charge”.
The Senedd in Cardiff is the devolved legislature of Wales and is currently run by a Labour-administration.
His fortunes increased further after another poll by Survation for The Sunday Times showed the Tories could be reduced to just 72 seats in the next parliament, while a separate survey by Savanta for The Sunday Telegraph showed Reform up another three points.
Reform has consistently pushed the Conservatives to adopt a more hardline stance on immigration and tax cuts.
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In a flavour of the policies that will be unveiled tomorrow, the party said earlier this month that it would like to see a tax on businesses who employ overseas workers.
This would see firms pay a higher 20% rate of national insurance for foreign workers, up from the current 13.8%.
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Reform is also opposed to Labour’s plans to end private school tax exemptions, and wants the UK to leave the European Convention on Human Rights, overseen by the European Court of Human Rights (ECHR) in Strasbourg, in order to use offshore processing centres for illegal immigrants and prevent them from claiming asylum.
Some Tory candidates and former MPs on the right of the party have been agitating for Mr Sunak to advocate for an exit from the ECHR – something he has been reluctant to do but has left the door open to.
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Other Reform policies include offering vouchers to go private if you can’t see a GP in three days, scrapping interest on student loans, increasing police numbers, keeping “woke ideologies out of the classroom”, abolishing the TV licence fee, reforming the Lords and reducing “wasteful spending”.
Mr Farage used an article in The Sunday Telegraph to criticise Lord Cameron, the foreign secretary, for an interview he gave to The Times on Friday in which he urged voters to reject the Reform leader’s “inflammatory language” and “dog whistle” politics.
In response, Mr Farage wrote: “If Lord Cameron is worried about damaging divisions, he should look a bit closer to home.
“The terminally divided Tory party has proved itself incapable of effective government over the past 14 years – and is set to be even more hopelessly split in opposition, after it gets hammered on 4 July.”
The Reform leader will also turn his fire on Labour, saying he had chosen Wales to launch his “contract with the people” “because it shows everyone exactly what happens to a country when Labour is in charge”.
“Schools are worse than in England, NHS waiting lists are longer than in England, COVID restrictions were even tighter than in England and now Welsh motorists are being soaked by literally hundreds of speed cameras to enforce the deeply unpopular new 20mph blanket speed limit in towns and villages,” he said.
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“Meanwhile, the Tories have been the official opposition almost solidly since 2016 and have achieved zilch, which probably explains why we are neck-and-neck with them in the polls in Wales.
“So, if you want a picture of what the whole country will be like with a Starmer government and a feeble Conservative opposition, come to Wales and then hear us unveil a better future for all of Britain”.
Rishi Sunak has repeatedly said a vote for Mr Farage’s party amounted to handing a “blank cheque” to Labour, whom the polls predict will form the next government from 4 July.
The full list of candidates standing in Merthyr Tydfil and Aberdare are:
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Brazil’s central bank completed rules that bring crypto companies under banking-style oversight, classifying stablecoin transactions and certain self-custody wallet transfers as foreign-exchange operations.
Under Resolutions 519, 520 and 521, published Monday, the Banco Central do Brasil (BCB) established operational standards and authorization procedures for what it calls Sociedades Prestadoras de Serviços de Ativos Virtuais (SPSAVs), a new category of licensed virtual-asset service providers operating in the country.
The framework extends existing rules on consumer protection, transparency and Anti-Money Laundering (AML) to crypto brokers, custodians and intermediaries.
The rules will take effect on Feb. 2, 2026, with mandatory reporting for capital-market and cross-border operations set to begin on May 4, 2026.
Stablecoins under foreign exchange rules
Under Resolution 521, a purchase, sale or exchange of fiat-pegged virtual assets, including international transfers or payments using such assets, will be treated as foreign-exchange (FX) operations.
With this classification, stablecoin activity will be subject to the same scrutiny as cross-border remittances or currency trades.
Licensed FX institutions and the new SPSAVs will be able to perform these operations, subject to documentation and value limitations. According to the BCB, transactions with unlicensed foreign counterparts will be capped at $100,000 per transfer.
The rules also cover transfers to and from self-custodied wallets when intermediated by a service provider. This means that providers must identify the wallet’s owner and maintain their processes that verify the origin and destination of the assets, even if the transfer itself isn’t cross-border.
This provision extends AML and transparency obligations to areas previously considered outside the scope of regulated finance.
While the rules don’t explicitly ban self-custody, they close a key reporting gap, forcing regulated exchanges and brokers to treat wallet interactions like formal FX operations.
BCB says the goal is to promote efficiency and legal certainty
In the announcement, the BCB said its goal is to ensure “greater efficiency and legal certainty,” prevent regulatory arbitrage and align crypto activities with the country’s balance-of-payments (BoP) statistics, which means making stablecoin transfers visible in official financial data.
The move follows months of public consultation and growing concern from the central bank on the dominance of stablecoin use in Brazil. On Feb. 7, BCB President Gabriel Galipolo said that around 90% of crypto activity in Brazil involved stablecoins, mainly used for payments.
Galipolo said the widespread use of stablecoins in payments presented regulatory and oversight challenges, particularly in areas such as money laundering and taxation.
Brazil’s central bank said the new framework aims to curb scams and illicit activity while providing legal clarity to crypto markets.
For crypto builders, this may raise compliance costs and reshape how local platforms interact with global liquidity. Smaller crypto players will be forced to compete with bigger institutions and meet more stringent banking-grade standards.
The rules will take effect in February 2026, but market participants are expected to start restructuring before then.
For Brazil, where crypto activity is second only to Argentina in Latin America, the new regulations signal a decisive shift from experimentation to integrated oversight.
The new rules show that crypto is welcome in the Brazilian financial ecosystem, but it will have to play by the same rules as fiat money.
Institutional investors are maintaining confidence in digital assets despite a sharp market correction in October, with most planning to expand their exposure in the months ahead, according to new research.
Over 61% of institutions plan to increase their cryptocurrency investments, while 55% hold a bullish short-term outlook, Swiss crypto banking group Sygnum said in a report released on Tuesday. The survey covered 1,000 institutional investors globally.
Roughly 73% of surveyed institutions are investing in crypto due to expectations of higher future returns, despite the industry still recovering from the record $20 billion market crash at the beginning of October.
However, investor sentiment continues facing uncertainty due to delays in key market catalysts, including the Market Structure bill and the approval of more altcoin exchange-traded funds (ETFs).
While this uncertainty may carry over into 2026, Sygnum’s lead crypto asset ecosystem researcher, Lucas Schweiger, predicts a maturing digital asset market, where institutions seek diversified exposure with long-term growth expectations.
“The story of 2025 is one of measured risk, pending regulatory decisions and powerful demand catalysts against a backdrop of fiscal and geopolitical pressures,” he said, adding:
“But investors are now better informed. Discipline has tempered exuberance, but not conviction, in the market’s long-term growth trajectory.”
Despite October’s correction, “powerful demand catalysts” and institutional participation remained at an all-time high, with the growing ETF applications signaling more institutional demand, added Schweiger.
Crypto staking ETFs may be the next institutional catalyst
Crypto staking ETFs may present the next fundamental catalyst for institutional cryptocurrency demand.
Over 80% of the surveyed institutions expressed interest in crypto ETFs beyond Bitcoin (BTC) and Ether (ETH), while 70% stated that they would start investing or increase their investments if these ETFs offered staking rewards.
Staking means locking your tokens into a proof-of-stake (PoS) blockchain network for a predetermined period to secure the network and earn passive income in exchange.
Meanwhile, investors are now anticipating the end of the government shutdown, which could bring “bulk approvals” for altcoin ETFs from the US Securities and Exchange Commission, catalyzing the “next wave of institutional flows,” according to Sygnum.