PANews reported on November 27th that Aave founder Stani Kulechov stated that the UK's HM Revenue and Customs (HMRC) has published the results of its tax consultation on DeFi lending and staking activities, proposing a "No Gain No Loss" (NGNL) tax treatment. This means that when users deposit crypto assets into protocols like Aave, it will not be considered a capital gain disposal. If this policy is legislated, it will greatly simplify the reporting burden for users and is considered a significant victory for DeFi users. The Aave team participated in the consultation process and pushed for this policy to reflect the economic substance of on-chain interactions.PANews reported on November 27th that Aave founder Stani Kulechov stated that the UK's HM Revenue and Customs (HMRC) has published the results of its tax consultation on DeFi lending and staking activities, proposing a "No Gain No Loss" (NGNL) tax treatment. This means that when users deposit crypto assets into protocols like Aave, it will not be considered a capital gain disposal. If this policy is legislated, it will greatly simplify the reporting burden for users and is considered a significant victory for DeFi users. The Aave team participated in the consultation process and pushed for this policy to reflect the economic substance of on-chain interactions.
The UK tax authorities adopted the "no profit, no loss" tax treatment for DeFi, which the founder of Aave called a major victory for users.
PANews reported on November 27th that Aave founder Stani Kulechov stated that the UK's HM Revenue and Customs (HMRC) has published the results of its tax consultation on DeFi lending and staking activities, proposing a "No Gain No Loss" (NGNL) tax treatment. This means that when users deposit crypto assets into protocols like Aave, it will not be considered a capital gain disposal. If this policy is legislated, it will greatly simplify the reporting burden for users and is considered a significant victory for DeFi users. The Aave team participated in the consultation process and pushed for this policy to reflect the economic substance of on-chain interactions.
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