Press Room

5 Jun 2023

Dion Seymour comments on HMRC’s open consultation on the taxation of DeFi in eprivateclient


Crypto Tax & Accounting Technical Director, Dion Seymour, comments on HMRC’s open consultation from April on the taxation of decentralised finance (DeFi) involving the lending and staking of cryptoassets, in eprivateclient.

Dion’s comments were published in eprivateclient, 02 June 2023.

Dion described the proposal as “a very positive indication about the Government seeking to make the UK a global cryptoasset hub,” adding that “taxation is an important aspect to the overall picture of the UK becoming a crypto hub. A tax regime which presents a lot of uncertainty or friction is not going to be a positive step for firms or individuals to engage in that activity in the UK.

“We welcome the move from the government to simplify activities such as DeFi lending and staking to make it much more accessible to the normal investor, because the current law does not provide the necessary certainty or simplicity that most individuals would like to see from the tax system.”

 


Dion Seymour

Dion is a Director with extensive experience in all aspects of the taxation of crypto assets. He was formerly the crypto asset policy and product owner at HMRC.

Email: Dion Seymour