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Progressive approach to DeFi taxation
Key points
- The UK government seems to be taking a more positive approach to crypto regulation than the US.
- Investors who have transferred their assets to a platform do not consider that they have transferred the beneficial ownership to the other party.
- After the 2022 call for evidence the government is proposing a specific DeFi regime founded on the existing repo and stock lending rules.
- Lending transactions will be disregarded from CGT for both the lender and borrower. Instead a CGT charge will arise when the crypto assets are economically disposed of.
- Could the government do more to encourage the crypto industry in the UK?
Crypto in the US is currently facing intense scrutiny and regulation with some likening it to a modern-day witch hunt. Senator Elizabeth Warren has publicly stated her intention to create an ‘anti-crypto’ army while the Securities and Exchange Commission (SEC) has...
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