In this episode, we present an audio version of Bitcoin Policy UK's formal response to HMRC’s consultation on the taxation of decentralised finance (DeFi), specifically lending and staking of cryptoassets. This submission calls for a clear, simple and principled approach that avoids harming innovation or driving talent offshore. It strongly differentiates Bitcoin from other digital assets and offers a cautious but thoughtful take on regulating and taxing DeFi activity.
🔍 What You’ll Learn:
- Why Bitcoin Policy UK believes Bitcoin should not be lumped in with "crypto"
- The potential harm of complex DeFi tax rules to UK innovation
- Why lending digital assets should not be treated as a disposal for tax purposes
- Insights on whether DeFi returns should be taxed as income or capital gains
- Examples of how poor regulation has led to consumer harm in non-Bitcoin DeFi
- A proposal to tax crypto gains only when converted to fiat—or not at all, if treated as gambling
⚖️ Key Themes:
- Clear support for self-custody and individual asset ownership
- A strong argument for keeping DeFi tax rules simple and competitive
- The need to separate Bitcoin from the broader, often speculative, crypto asset class
- Recognition of DeFi’s complexity and risks, especially in centralized platforms
- Critique of overcomplicated proposals and their chilling effect on UK competitiveness
📄 Read the full written paper here:
👉 Response to HMRC on DeFi taxation
To find out more about Bitcoin Policy UK's work and how you can get involved, visit:
Popular Podcasts
On Purpose with Jay Shetty
I’m Jay Shetty host of On Purpose the worlds #1 Mental Health podcast and I’m so grateful you found us. I started this podcast 5 years ago to invite you into conversations and workshops that are designed to help make you happier, healthier and more healed. I believe that when you (yes you) feel seen, heard and understood you’re able to deal with relationship struggles, work challenges and life’s ups and downs with more ease and grace. I interview experts, celebrities, thought leaders and athletes so that we can grow our mindset, build better habits and uncover a side of them we’ve never seen before. New episodes every Monday and Friday. Your support means the world to me and I don’t take it for granted — click the follow button and leave a review to help us spread the love with On Purpose. I can’t wait for you to listen to your first or 500th episode!
NFL Daily with Gregg Rosenthal
Gregg Rosenthal and a rotating crew of elite NFL Media co-hosts, including Patrick Claybon, Colleen Wolfe, Steve Wyche, Nick Shook and Jourdan Rodrigue of The Athletic get you caught up daily on all the NFL news and analysis you need to be smarter and funnier than your friends.
The Joe Rogan Experience
The official podcast of comedian Joe Rogan.