United Kingdome's First Seizure of NFTs in Tax Crackdown
United Kingdome for the first time seized the NFTs in Tax Crackdown.
Seize include around 5,000 GBP (INR 5 lakh) crypto assets including this some other crypto assets were also seized by British Authority.
NFTs are a form of asset related to the crypto world and it uses Blockchain to record the ownership status of digital files.
Highlighted Points
- Seize of crypto assets was also included the arrest of three-person.
- The Custom and Majesty’s revenue has seized the three NFTs.
- NFTs seizure by the authority is acting as a warning to others.
Read More: Cryptocurrency Fraud Worth Of Rs. 2 Crore In Bengaluru, Police Initiates Inquiry: Report
On Monday, the British tax Authority had revealed its first-ever seizer of crypto assets of Non-Fungible tokens (NFTs) in a crackdown on suspected criminal activity to hide money.
The Majesty’s Revenue and Customs of British have seized the three NFTs just after an attempt to defraud the Public Officer of GBP 1.4 million (INR 14 crore).
Including the above amount, some 5,000 GBP, crypto assets were also seized by the British Authority.
The inquiry is done by the British Authority also involves the arrest of three persons who were alleged value-added tax repayment fraud involving 250 fake companies.
The official statement by an official officer has asked the seizure as a future warning for the people who think they can hide their money fraud through these crypto-assets which has not yet been valued, Nick Sharp, deputy director of economic crime at HMRC state this.
He also added
“We constantly adapt to new technology to ensure we keep pace with how criminals and evaders look to conceal their assets,” stated Nick Sharp.
