Crypto news flash: The UK’s Her Majesty’s Revenue and Customs (HMRC) announced that Capital Gains Tax will be charged only when holders sell crypto assets, rather than when they transfer them to a smart contract. The agency will also collect income tax on tokens users obtain through minting, mining, airdrops, staking, and interest. The move shows the UK’s efforts to balance lenient regulation with penalties for non-compliant behavior. HMRC has formally introduced “No Gains, No Losses” (NGNL) rules to reform the tax policy for decentralized finance (DeFi) protocols. The legislation will comprehensively overhaul the widely criticized “tax-on-transfer” model from 2022, which triggers tax obligations at every token transfer. The new model will take effect on April 6, 2027, and is expected to benefit about 700k DeFi users.