Her Majesty’s Revenue and Customs (HMRC), the UK tax agency, on Wednesday released a controversial set of guidelines that could impact innovation in decentralized finance (DeFi).
That up to date Regulation focuses on the processing of digital assets specifically for DeFi lending and betting in the UK, and whether returns or rewards from these services are considered as capital or income for tax purposes. Due to Defi’s pioneering nature, these services had fallen into a gray area where tax professionals were unsure of how the existing rules applied.
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