Wu Says has learned that Aave founder Stani Kulechov said that the UK’s Her Majesty’s Revenue and Customs (HMRC) is adopting new tax rules for crypto lending and liquidity pools. Under the new arrangement, assets deposited into lending agreements will be treated on a “no gain, no loss” (NGNL) basis, with capital gains tax deferred until the time of actual economic disposal. Stani also said that underlying collateral will not be included in the calculation of capital gains tax. He added that this is mainly due to industry feedback, to avoid imposing an excessively burdensome reporting requirement on taxpayers under the existing approach.