UK Makes First Seizure of NFTs in Tax Crackdown

Around GBP 5,000 (roughly Rs. 5 lakh) worth of other crypto assets were also seized.

UK Makes First Seizure of NFTs in Tax Crackdown

Photo Credit: Unsplash/ Pawel Czerwinski

NFTs are a from of crypto asset that uses blockchain to record the ownership status of digital files

Highlights
  • The probe also led to the arrest of three people
  • Her Majesty's Revenue & Customs seized three NFTs
  • The seizures of the NFTs served as a warning to anyone

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 GBP 1.4 million (roughly Rs. 14 crore).

Around GBP 5,000 (roughly Rs. 5 lakh) worth of other cryptocurrency 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.

© Thomson Reuters 2022


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Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
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