UK makes first seizure of NFTs in tax crackdown

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UK makes first seizure of NFTs in tax crackdown
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British tax authorities said 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 .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.Feds arrest a New York couple and seize $3.

6 billion in stolen cryptocurrencyNick 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.Read More"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.

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