UK Treasury seeks input on taxing DeFi staking and lending
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The tax treatment of lending and borrowing on decentralized finance (DeFi) protocols could soon be changed in the United Kingdom as the taxation arm of the Treasury is seeking input on a possible new regime.
An April 27
The British government took the first step in the process in July 2022 by soliciting feedback on the taxation of crypto asset loans and staking within the context of DeFi.
Simplifying the administrative process was again noted as the main objective as well as reducing costs for taxpayers participating in DeFi while also exploring how the tax treatment could better reflect the economic substance of these transactions.
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