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Aave Founder: UK Considers Treating DeFi Deposits as 'No-Gain No-Loss,' Benefitting Crypto Lending Tax Treatment
BlockBeats News, November 27th, Aave founder and CEO Stani.eth stated in a blog post that "HM Revenue & Customs has published the results of its consultation on the tax treatment of DeFi activities (including lending and staking) in the UK. One particularly interesting conclusion is that when a user deposits assets into Aave, the deposit itself is not considered a capital gains tax event, creating a no-gain, no-loss approach. This is a significant victory for UK DeFi users looking to borrow stablecoins against cryptocurrency collateral."
"We advocate for DeFi and ensure that the tax treatment of interacting with lending protocols reflects economic reality: users borrowing against collateral to meet liquidity needs do not intend to dispose of their assets. We fully support this approach and hope to see these changes reflected in UK tax law as soon as possible."
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