[UK Tax Authority Adopts DeFi 'No Gain No Loss' Tax Treatment, Aave Founder Calls It a Major Victory for Users] Aave founder Stani Kulechov posted that the UK’s HM Revenue and Customs (HMRC) has released the results of its tax consultation on DeFi lending and staking activities, proposing a 'No Gain No Loss' (NGNL) tax treatment. This means that when users deposit crypto assets into protocols like Aave, it will not be considered a capital gains disposal. If this policy is legislated, it will greatly simplify users' reporting burdens and is regarded as a significant victory for DeFi users. The Aave team participated in the consultation process and advocated for the policy to reflect the economic substance of on-chain interactions.