The UK government has proposed a new tax rule for decentralized finance (DeFi) lending and liquidity pool transactions, known as the "no gain, no loss" (NGNL) rule. This regulation would defer capital gains tax until a "real economic transfer of assets" occurs. Under this proposal, depositing crypto assets into lending protocols or automated market makers (AMMs) would not be considered a taxable event. Taxes would only be applied when the assets are ultimately sold or exchanged, resulting in actual gains or losses.