[UK Proposes 'No Gain, No Loss' Tax Rules for DeFi] According to a report by Golden Finance, the UK government has proposed a 'No Gain, No Loss' tax scheme for cryptocurrency lending and liquidity pool arrangements, deferring the payment of capital gains tax until the point of actual economic disposal. The proposal has received support from major industry institutions and aims to align tax rules with the operational mechanisms of DeFi, reduce administrative burdens for users, and avoid tax outcomes that do not reflect economic substance. The UK government will continue consultations with industry stakeholders to refine the rules. The final plan may exclude tokenized real-world assets (RWAs) and traditional securities, and could require users to report large transactions.