U.K. tax authority HMRCgovuk is seeking views on a legal framework that could change the treatment of DeFi, CeFi lending and staking in the country. iamsandali reports.
HM Revenue and Customs 's proposal follows a 2022 call for evidence. The authority cited recent crypto market failures, including the collapse of the FTX exchange, as cause for regulators' heightened interest in the sector.
Under existing rules, DeFi transactions can be treated as disposals to be written off as gifts or sales by lenders or liquidity providers even in cases where ownership of the asset doesn't change. The proposed changes would ensure DeFi transactions are not treated as a disposals for tax purposes. That would occur only when crypto assets are"economically disposed of in a non-DeFi transaction," the consultation said.
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