Britain’s tax authorities, Her Majesty’s Revenue & Customs (HMRC), have seized three ‘non-replaceable tokens’ (NFTs) in an investigation into large-scale VAT fraud worth £1.4 million in the first ever domestic search of its kind.
HMRC is the first UK law enforcement agency to successfully freeze an NFT. Nick Sharp, HMRC’s deputy director economic crime, said the news ‘serves as a warning to anyone who thinks they can use cryptoassets to hide money from HMRC’.
NFTs, the latest craze in the world of cryptocurrency, are defined as ‘unique digital certificates, registered in a blockchain, that are used to record ownership of an asset such as an artwork or a collectible.’
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