By Nathan Ferguson
The UK-based financial authorities seized three non-fungible tokens (NFTs) as well as $6,700 worth in crypto along with arresting three persons during its recent crackdown confronting monetary crimes. HMRC (HM Revenue and Customs) has reportedly confiscated three NFTs in its raid over a suspected operation to hide assets. In addition to seizing funds, law enforcement detained three persons accused of the offense.
The earliest NFT seizure
In a Reuters report, it was mentioned that the tax authorities of the United Kingdom scrutinized a financial scheme of nearly $1.9M. The respective activity was included in the inquiry of a suspected VAT (Value Added Tax) scam taking account of 250 accused fake companies. As a consequence, three NFTs, as well as an amount of up to $6,700 in crypto, were seized by the HMRC. This turned out to be the agency’s initial confiscation of the NFTs. HMRC’s Deputy Director of Economic Crime – Hick Sharp – did not disclose the USD worth of the respective digital collectibles.
In his opinion, the bad actors will be warned by this seizure and would think before utilizing the digital assets for hiding their funds. He added that the institution would continue to adopt the latest technology to guarantee to be in line with the growingly advancing methods of the criminals in to evade taxes or conceal their funds. NFT sector has developed into a prominent field across the industry of cryptocurrency.
They are known as cryptographic tokens with the ability to represent traditional assets like a house, a song, or a car. Simultaneously, the ownership of the person possessing digital collectibles can be proved due to having been built on blockchain. During some recent months, a lot of well-known athletes, actors, and musicians became a part of this promising as well as burgeoning space and issued exclusive collections.
Tarantino, Quentin, John Legend, and Eminem are a few among them.
Crypto scams across the United Kingdom
On the other side of the picture, many criticize the NFT zone as well. Kanye West (a rapper from America) stated that the world of NFTs is not much attractive, whereas Joe Rogan categorized them being crypto hustle. The United Kingdom is not an exemption in the case of deceitful operations involving cryptocurrencies. Up to 7,000 cases of similar schemes were reported across the country from January to October of the previous year.