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UK Government Seeks Views on DeFi Taxation
The deadline for submitting comments is Aug. 31.
The U.K. government is seeking views from investors, professionals and companies on taxing decentralized finance (DeFi) activities.
- Specifically, the government wishes to gather evidence on the taxation of crypto-asset loans and staking, according to an announcement Tuesday.
- "The government is interested in ascertaining whether administrative burdens and costs could be reduced for taxpayers engaging in this activity and whether the tax treatment can be better aligned with the underlying economics of the transactions involved," the announcement read.
- Those wishing to submit evidence have until Aug. 31 to do so.
- The government outlined a set of initiatives in April to make the U.K. a global crypto stronghold. Among them was conducting "major surgery" on the taxation system to "make it work more easily for crypto," according to Economic Secretary John Glen.
- In May, the government published a consultation aiming to reduce risk for investors holding stablecoins by giving the Bank of England power to appoint administrators to oversee insolvency arrangements of failed stablecoin issuers.
Read more: UK Government Backtracks on Unhosted Wallet Data Collection Proposal
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Jamie Crawley
Jamie has been part of CoinDesk's news team since February 2021, focusing on breaking news, Bitcoin tech and protocols and crypto VC. He holds BTC, ETH and DOGE.
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Crypto Industry Asks President Trump to Stop JPMorgan’s 'Punitive Tax' on Data Access
A coalition of fintech and crypto trade groups is urging the White House to defend open banking and stop JPMorgan from charging fees to access customer data.
What to know:
- Ten major fintech and crypto trade associations have urged President Trump to stop big banks from imposing fees that could hinder innovation and competition.
- JPMorgan's plan to charge for access to consumer banking data may debank millions and threaten the adoption of stablecoins and self-custody wallets.
- The CFPB's open banking rule, which mandates free consumer access to bank data, is under threat as banks have sued to block it, and the CFPB has requested its vacatur.
