Wednesday, 31 May 2023

Crypto News

UK Treasury seeks input on taxing DeFi staking and lending: Finance Redefined

UK Treasury seeks input on taxing DeFi staking and lending: Finance Redefined

Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you the most significant developments from the past week.

The taxation arm of His Majesty’s Treasury in the United Kingdom has proposed new regulatory changes to simplify how DeFi returns are taxed and reduce the “administrative burden” for taxpayers.

A DeFi options protocol has raised $17 million for a buy-side marketplace and an expanded number of listed tokens. USD Coin (USDC) issuer Circle launched a cross-chain USDC transfer protocol between Ethereum and Avalanche.

Ordinals Finance, an Ethereum-based DeFi protocol, allegedly rug-pulled its users for over a million dollars and erased its presence from all social media platforms as news about the same broke out.

The top 100 DeFi tokens by market capitalization had another mixed week in terms of price action, with minimal changes over the past week.

UK Treasury seeks input on taxing DeFi staking and lending

The taxation arm of the UK Treasury is seeking input on a possible new regime for taxing DeFi. An April 27 consultation by His Majesty’s Revenue and Customs will run until June 22. It asks for “investors, professionals and firms engaged in DeFi activities” along with representative bodies and think tanks to submit their views on the government’s proposed DeFi tax treatment.

Under the proposed legislative changes, crypto used in DeFi transactions wouldn’t be treated as a disposal for the purposes of tax, which usually trigger a capital gains tax event.

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DeFi options protocol raises $17M for buy-side marketplace

Thetanuts Finance, a DeFi protocol offering crypto options contracts, has raised $17 million to provide a buy-side marketplace and an expanded list of coins, according to an April 24 announcement from the team.

The team plans to employ the new funds to provide a “buy-side altcoin options market” to attract options purchasers. The announcement states that, until now, DeFi options protocols have focused on attracting sellers looking for steady income instead of options traders looking for leverage. Using the newly raised funds, the developers hope to be one of the first protocols to provide products for the buy side of the options market.

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Circle launches cross-chain USDC transfer protocol for Ethereum, Avalanche

Circle, the creator of USDC, has launched a mainnet protocol that lets users transfer USDC between Ethereum and…

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