UK government seeks public input on DeFi taxation
The HMRC is asking for input from investors, professionals, and organizations involved in DeFi-related activities. The government of the United Kingdom is asking the public for input on the taxation of crypto asset loans and staking in the context of Decentralized Finance (DeFi).DeFi is an umbrella term that refers to financial applications that are built on top of blockchain technology. This could include anything from lending to borrowing and staking platforms.In particular, the government is interested in gathering information on the taxation of crypto asset loans and staking. Her....
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Majority of the top-100 DeFi tokens broke out of three week long bearish phase and registered double digit gains over the past week. Welcome to Finance Redefined, your weekly dose of key decentralized finance (DeFi) insights, a newsletter crafted to bring you some of the major developments over the last week.This past week, the DeFi ecosystem got recognition from the United Kingdom government, as they sought public feedback on taxation of the DeFi ecosystem, especially staking and lending.MakerDAO is looking to collaborate with the traditional banks, which would take place after the....
Before now, some countries have mapped out some crypto taxes for transactions on cryptocurrency assets within their jurisdiction. Thailand is one of the countries that proposes some taxation plans. As the new year begins, the revenue department of Thailand is setting up its measures for implementing its tax plans on crypto traders this January. The move is to provide more clarifying information on the tax over crypto-related activities. According to the director-general of the revenue department, this month will mark the finalizing of the criteria for tax calculations which will be on....
The U.K. HM Revenue & Customs (HMRC) agency opened a consultation on the state of crypto taxation, specifically for decentralized finances (DeFi). This call for evidence will have an 8-week duration from today July 5th until August 31st, 2022 and could result in significant changes to the DeFi tax structure. Related Reading | 3 Lessons From […]
The advent of Bitcoin and blockchain technology has made government taxation obsolete, given how difficult cryptocurrency can be to identify and trace. Throughout modern history, governments have survived through taxation, or the involuntary acquisition of the product of their citizens’ labor. The advent of government-controlled money made this process vastly simpler. However, with the rise of BitcoinCT r: 8CT r: 8 and other cryptocurrencies based on blockchain technology, state power to tax income is slipping, and may at some point become a thing of the past entirely. At its root,....
A new decentralized app, or 'DApp', is aiming to challenge the idea that we need government taxation and welfare to take care of the poorest and most needy members of society - through an ambitious project to provide a basic income for anyone who needs it. The Basic Income project was announced this week by so-called 'Governance 2.0' service Bitnation, and is being developed in partnership with Johan Nygrenm of Reslience. Me. The idea behind the project is simple - to provide welfare support to people who need a little extra help during the tough times in their life, funded through....