The UK government is seeking public comment on taxing crypto asset lending and staking under Decentralized Finance (DeFi) .
DeFi is an umbrella term that refers to financial applications based on blockchain technology. This includes everything from lending to staking platforms.
In particular, the government wants to gather information on the taxation of crypto-asset lending and staking. On Tuesday , Britain's tax authority released a report saying it wanted to investigate whether the administrative burden and costs for taxpayers dealing with this burgeoning industry could be reduced and whether the tax treatment could be better aligned with its fundamental economic importance of transactions can be reconciled.
HMRC is soliciting comments from investors, professionals and organizations involved in DeFi activity, including technology and financial services companies, trade associations and representative bodies, educational institutions and think tanks, and legal, accounting and tax firms. Until August 31, 2022, the tax authority will receive comments and replies via a separate email address.
After that, the government intends to summarize the responses and make public details of its next steps, the announcement said.
In April, the government released a list of measures aimed at turning the UK into a global crypto powerhouse . According to Secretary of Commerce John Glen, a "major operation" on the tax system is planned "to make it easier to use cryptocurrencies".
In May, the government opened a consultation and gave the UK central bank the power to appoint insolvency practitioners for failed stablecoin issuers.
Regarding crypto regulation, a former UK minister recently said he feared the country was falling behind its peers in Europe. As Cointelegraph reported, Philip Hammond, the UK Treasury Secretary from 2016 to 2019, said there was no clear direction or cohesion when it came to dealing with cryptocurrencies.
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