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Decentralized Crypto-Lending Tax Rules Getting Second Look in UK

July 5, 2022, 10:56 AM

The UK government on Tuesday launched a call for feedback on how it should tax profits made from lending and staking cryptocurrencies on decentralized platforms.

The consultation, which closes August 31, asks stakeholders how the government can reduce administrative burdens and costs for investors.

  • The UK in April launched its push to become a global financial hub for cryptocurrency companies and announced plan to regulate the burgeoning sector—known as DeFi. At the time it also announced that it may review tax rules to address situations where they were damaging investment.
  • Taxpayers have warned that UK tax rules treat each ...