The Treasury Office of the British Ministry of Finance is working on a new regulation on the taxation of income from cryptocurrencies.
According to the announcement made by the Treasury Office today, a new tax study has been initiated for the revenues obtained through decentralized finance. The authorities decided to focus on staking and lending services, the two main revenue items in DeFi platforms.
In the official statement, the Undersecretariat stated that it is consulting for the regulation of the sector while reducing the pressure on the user:
"In the new study we envision, we aim to change the way in which users' transactions on DeFi platforms are taxed. We will tax when exiting the ecosystem instead of direct transaction requests from our citizens."
Target 2024 for Crypto Tax in UK
The UK has been working for a long time to make permanent regulation in the crypto industry. The program aims to generate tax revenue from citizens earning through digital assets starting from the 2024-2025 fiscal year.
The Treasury Department emphasized that the new regulation it is working on will also significantly affect third-party applications. In another world giant, the USA, it is still a matter of debate which institution will make the regulation.