UK draft guidance may exempt stablecoin disposals from capital gains tax, says Aave founder - Cryptonews.net

The UK's tax authority may be moving toward a more nuanced treatment of stablecoins. According to Stani Kulechov, founder of the DeFi lending protocol Aave, draft guidance from HMRC could exempt stablecoin disposals from capital gains tax. If confirmed, this would mark a departure from the current framework, where nearly all cryptoasset disposals—including those involving fiat-pegged tokens—are potentially chargeable events.

At its core, the guidance would distinguish between assets serving as stores of value and those used as mediums of exchange. Since stablecoins are designed to maintain a constant value, selling or swapping them rarely produces a real economic gain. An exemption would reduce the administrative burden for users who regularly transact in these tokens, while also clarifying the tax treatment of routine conversions back to fiat.

For the broader market, this signals a more pragmatic regulatory posture from a major financial centre. It could lower friction for crypto payments and attract businesses seeking clearer rules. However, the guidance is still draft, so the final conditions—such as which stablecoins qualify and how gains from staking or other activities are treated—remain the key details to watch.