[UK Proposes 'No Gain No Loss' Tax Rules for DeFi Lending and Liquidity Pool Transactions] The UK government has proposed adopting 'No Gain No Loss' (NGNL) tax rules for DeFi lending and liquidity pool transactions, deferring the collection of capital gains tax until a 'genuine economically significant asset transfer' occurs. When users deposit crypto assets into lending protocols or AMMs, it will no longer be considered a taxable 'disposal,' and taxes will only be applied when actual profits or losses are realized upon final sale or exchange.