Policy paper

Cryptoasset loans and liquidity pools

This measure is about the treatment of certain disposals involving cryptoasset loans and liquidity pools for Capital Gains Tax.

• From: HM Revenue & Customs
• Published: 13 July 2026

Documents

Tax treatment of Cryptoasset Loans and Liquidity Pools

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Draft legislation

PDF, 415 KB, 12 pages

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Draft legislation (accessible version)

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Explanatory note

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Details

This measure will defer Capital Gains Tax in certain circumstances until an economic disposal of the cryptoasset.

This measure provides rules in relation to the following scenarios:

• single cryptoasset lending arrangements 
• single cryptoasset borrowing arrangements 
• automated market making arrangements 

If you have any questions about the measure, email digitalassets@hmrc.gov.uk.

Published 13 July 2026