The UK tax authorities confiscated three NFTs and $6,700 worth of cryptocurrencies and detained three people in its latest crackdown against monetary crimes.
HM Revenue and Customs has reportedly seized three non-fungible tokens in a crackdown on suspected activity to hide money. Apart from confiscating the assets, law enforcement arrested three people alleged of the crime.by Reuters, the British tax authorities investigated a $1.9 million financial scheme. The operation was part of a probe into a suspected Value Added Tax fraud involving 250 alleged fake firms.
As a result, the HMRC seized three NFTs and around $6,700 worth of cryptocurrencies. This became the agency’s first confiscation of non-fungible tokens. Nick Sharp – Deputy Director of Economic Crime at HMRC – did not reveal the USD value of the digital collectibles. He opined that the seizure will serve as a warning to bad actors who think they could use cryptocurrencies to hide money.
“We constantly adapt to new technology to ensure we keep pace with how criminals and evaders look to conceal their assets,” Sharp added.have emerged as one of the hottest trends in the digital asset industry. They are cryptographic tokens that can represent real-world assets such as a car, a song, or a house. At the same time, one can prove ownership over those collectibles as they are blockchain-based and verify their authenticity.
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