Tuesday February 15, 2022 – Her Majesty’s Revenue and Customs office (HMRC) became the first law enforcement body in the United Kingdom (The world??) to seize Non Fungible Tokens during an investigation into a suspected value-added tax (VAT) fraud case.
Three NFTs, representing digital art, were seized, with an estimated value of $1.9 million (USD). “Our first seizure of a Non-Fungible Token serves as a warning to anyone who thinks they can use cryptoassets to hide money from HMRC,” Nick Sharp, HMRC’s deputy director of economic crime, said in a statement Monday.
“We constantly adapt to new technology to ensure we keep pace with how criminals and evaders look to conceal their assets.”
Attorney Steven A. Leahy keeps you up to date on Crypto-assets and the IRS – and other Taxmen.