HMRC call for evidence on the taxation of stablecoins

The Government has launched a call for evidence on the taxation of stablecoins for individuals and companies. Stablecoins are a type of cryptoasset that seeks to maintain a stable value by reference to another asset, such as the dollar or sterling. The Government is seeking views on issues around the tax treatment, as well as any administrative burdens this might cause as the stablecoin market develops.

The Government would like to understand whether the current tax treatment (which can result in individuals needing to calculate the gain or loss on disposal when spending stablecoins) is giving any administrative or other difficulties for individuals, and/or deterring the use of stablecoins, for example in retail payments. Views on suggested reform are also sought. 

The Government is also seeking evidence on how companies are currently accounting for stablecoins and whether a different approach could be taken to the taxation of any returns from loaning stablecoins out. 

Subject to member feedback, the ATT is considering responding to this call for evidence, which is due to close on 7 May. If members have any comments or views, please email them to [email protected] by 23 April 2026.