HMRC in the UK is adopting new tax legislation related to crypto lending and liquidity pools. Main take is that deposits into lending protocols will be treated as ‘no gain, no loss’ (NGNL), which effectively defers capital gains tax until an economic disposal. Also underlying collateral will be disregarded for capital gains tax purposes. This is the right direction, mainly driven by the industry feedback demonstrating that any other approach would cause significant admin burden for the tax payer. Positive about the HMRC approach because 1) it proves that the industry can affect the eventual outcome (similar how we did with the £20,000 stablecoin holding cap) and 2) seeing more tax legislation around DeFi means the space has progressed in meaningful way.(Stani)