With the announcement made today, the United Kingdom has revealed its intention to put the issue of taxation on its agenda by collecting information about the crypto money loans and staking system, especially in the decentralized finance (DeFi) sector.

The British Government has talked about its goal of making the UK a leading country in the crypto space in recent months. Within the scope of this goal, the necessity of implementing some reforms in order to harmonize the taxation system with crypto activities in the country was also discussed. Also, after the collapse of Terraform Labs, the British Government authorized the country's central bank to appoint trustees to prevent stablecoin issuers from losing their ability to pay if they get into trouble. Thus, an important step has been taken to reduce the risks that fixed crypto investors are exposed to.

In the announcement released today, while the uncertain environment in the cryptocurrency industry continues, the UK is asking industry professionals to comment by August 31 to determine the taxation process of the decentralized finance (DeFi) space.

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It has been reported that HM Revenue and Customs Administration (HMRC), as the authorized institution, will receive advice from investors and companies engaged in DeFi activities, in the details of the work to begin on the taxation of the decentralized finance (DeFi) field. In addition, there will be financial and technology service firms, academic institutions, think tanks, tax consultants, and other institutions whose opinions will be sought.

In addition, it was stated that crypto money holders and individual investors making decentralized finance (DeFi) transactions will not be within the scope of taxation. It was emphasized that no tax would be charged to people who do not reside in the United Kingdom but who transact on a platform operating within the borders of the United Kingdom.