UK makes first seizure of NFTs in tax crackdown
British tax authorities said on Monday they had made their first seizure of non-fungible tokens in a crackdown on suspected criminal activity to hide money.
Her
Majesty's Revenue & Customs seized three NFTs after investigating
an attempt to defraud the public coffers of 1.4 million pounds ($1.9
million).
Around 5,000 pounds worth of other crypto assets were also seized.
The probe also led to the arrest of three people for alleged value added tax repayment fraud involving 250 fake companies.
Nick
Sharp, deputy director economic crime at HMRC, said the seizures of the
NFTs, which had not yet been valued, served as a warning to anyone who
thought they could use crypto assets to hide money.
"We
constantly adapt to new technology to ensure we keep pace with how
criminals and evaders look to conceal their assets," he said in a
statement.
NFTs
are a from of crypto asset that uses blockchain to record the ownership
status of digital files such as images, videos and even items within
online games.
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