UK Government Seeks Views on DeFi Taxation

The U.K. government is seeking views from investors, professionals and companies on taxation of decentralized finance (DeFi) activities.

The government is interested in ascertaining whether administrative burdens and costs could be reduced for taxpayers engaging in this activity.

Whether the tax treatment can be better aligned with the underlying economics of the transactions involved," the announcement read.

Those wishing to submit evidence have until Aug. 31 to do so.

The government outlined a set of initiatives in April to make the U.K. a global crypto stronghold. 

In May, the government published a consultation aiming to reduce risk for investors holding stablecoins by giving. 

The Bank of England power to appoint administrators to oversee insolvency arrangements of failed stablecoin issuers.

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