The UK government is seeking views from investors, businesses and experts on the taxation of Decentralised Finance, DeFi.
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- UK wants to tax DeFi a movement encouraging alternatives to traditional, centralized forms of financial services.
- To this end, it is consulting investors and companies
- There is a chance until August 31 to give your opinion on the subject.
The UK government is seeking views from investors, professionals and companies on the taxation of the activities of decentralized decentralization refers to the property of a system in which nodes or actors work in concert in a distributed fashion to achieve a common goal. finance (DeFi).
According to a press release shared on its website, the UK government wants to gather evidence on the taxation of cryptoasset loans and holdings.
“The government is interested in determining whether administrative burdens and costs could be reduced for taxpayers engaged in this activity, and whether the tax treatment can be better aligned with the underlying economics of the transactions involved.” says part of the ad.
Those who wish to participate in the consultation have from today until August 31 to do so. This email is available from the organization: financialproductsbai@hmrc.gov.uk
The purpose of this call for evidence
As expressed on its website, the government is seeking views on the taxation of cryptoasset lending and the “participation” in the context of decentralized finance (DeFi). It says: “ DeFi’s loans and participations encompass a variety of activities that reward users who deposit cryptoasset a cryptoasset is any digital asset that uses cryptographic technologies to maintain its operation as a currency or decentralized application. tokens into a pool or lend them to other individuals or platforms for a set period of time to earn passive income returns, often described as interest.”
It is worth remembering that on April 4, 2022, the government announced a package of measures designed to “to ensure that the UK’s financial services sector remains at the forefront of technology, attracting investment and jobs and expanding consumer choice.” These included the intention to consider and, where appropriate, address a place where cryptocurrency can be sent to and from, in the form of a string of letters and numbers. concerns that have been raised by stakeholders about the tax treatment of DeFi’s loans and participations. This call for evidence seeks to inform that review.
The agency would like to know what investors, professionals, and companies involved in DeFi, including technology and financial services companies; trade associations and representative bodies; academic institutions and think tanks; and legal, accounting and tax advisory firms.
The agency will also consider holding meetings with interested parties to discuss the issues raised in this call for evidence.
United Kingdom and its measures
In May, the government published a consultation aimed at reducing risk for investors holding stable currencies by giving the Bank of England the power to appoint administrators to oversee the insolvency arrangements of failed stable currency currency is a medium of exchange that defines value. issuers. The country said it was necessary to monitor the stablecoins so that something similar to Terra would not happen.
In addition, the country has been very alert about the promotion of cryptocurrencies . The Nation warned in January of this year that it would tighten measures on crypto-related ads. . Earlier, in December 2021, seven crypto ads from well-known companies, including exchanges, were banned . Recently, moreover, the ASA strictly prohibited some advertisements by Floki Inu , calling them irresponsible.
Sources: UK Government , Coindesk , archivo
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