The tax master has lauded itself as the first U.K law enforcement agency to seize NFTs.
As reported by BBC, the three suspects used several sophisticated means to evade paying taxes. They created fake identities and 250 fake “shell” companies to bypass £1.4 million ($1.8 million) in value-added taxes (VAT).
HMRC secured a court order to seize $6,765 worth of cryptocurrencies along with three digital collectibles from the suspects.
Commenting on the seizures, HMRC deputy director Nick Sharp (OTC:SHCAY) said that they should serve as a warning to those planning to hide money from the tax authorities. He stated:
NFTs took the center stage in 2021, growing to become more of a trend among major brands and the general public. Billions of dollars have flowed into the sector and this has caught the attention of regulators. Late December, SEC commissioner Hester Peirce told CoinDesk that “given the breadth of the NFT landscape, certain pieces of it might fall within our jurisdiction.”
Continue reading on BTC Peers
Source: Cryptocurrency - investing.com
