Wu Says learned that Aave founder Stani Kulechov said that the UK Her Majesty’s Revenue and Customs (HMRC) announced that, for certain asset transfers involving individuals and trustees participating in crypto asset lending and automated market maker liquidity pools, they will be handled under the “no gain, no loss” (NGNL) principle, with capital gains tax deferred until actual economic disposal occurs. The new rules also state that, in qualifying crypto asset borrowing arrangements, the borrowed assets will be calculated at their market value at the time of borrowing, and when returning the same-kind assets, they will be treated as disposal at the same value; collateral provided by the borrower will not be included in the capital gains tax calculation. The measure will take effect on April 6, 2027, and is expected to affect about 700,000 people.