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The UK tax authority adopts DeFi "no gain, no loss" tax treatment, and the founder of Aave calls it a major victory for users.
PANews, November 27, reported that Aave founder Stani Kulechov stated that the UK's HM Revenue and Customs (HMRC) has released the tax consultation results regarding DeFi lending and staking activities, proposing a "No Gain No Loss (NGNL)" tax treatment suggestion, which means that when users deposit crypto assets into protocols like Aave, it is not regarded as a capital gains disposal. If this policy is legislated, it will greatly simplify the reporting burden for users and is seen as a significant victory for DeFi users. The Aave team participated in the consultation process and urged that this policy reflects the economic substance of on-chain interactions.

