The UK made the first seizure of NFT in connection with non-payment of taxes

The UK made the first seizure of NFT in connection with non-payment of taxes

It recently became known that the U.K. Internal Revenue Service made its first seizure of non-exchangeable tokens in connection with a developer company’s failure to pay VAT tax. The regulator reportedly froze the assets of three companies simultaneously, which had evaded paying state tax by using shell companies and false documents as part of their illegal activities.

The arrest of three NFT collections at the same time was made with the cooperation of the United Kingdom’s Tax and Customs Administrations. The cryptocurrency projects involved in the case were charged with fraud and failure to pay taxes.

ОпираясьBased on a report from the BBC, the U.K. Internal Revenue Service became the first law enforcement agency in the world to confiscate non-exchangeable tokens. The investigation reportedly led to the arrest of three suspects who evaded taxes through a variety of sophisticated means.

According to the regulator, fraudsters opened a total of about 250 fictitious companies through which NFT-collections were sold. According to available information, during the illegal sale of tokens, coins worth $1.8 million were sold.

Having gathered all the necessary evidence regarding the offense, the IRS was able to obtain judicial approval to not only confiscate the three NFT collections, but also to block all funds belonging to the developers of the fraudulent NFT projects. The amount of funds personally seized from the crypto-enthusiasts reportedly totaled nearly $6,800.

At the moment, the IRS in partnership with the cyber police continue to investigate the case.

My opinion

Now people working directly with crypto will think about taxes, and the state – about regulation. This is good in the long run, because it will be the regulator who will dictate the terms on which the direction of the whole market will depend.

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Written by Kannnaf Mysterious
I am a very innovation-dependent form of life. I'm smart, but I don't wear glasses. I solve the Rubik's Cube in less than a minute. Probably the best beggy cryptomaniac in the world and my hobby is to start the day thinking that bitcoin will rise to $100k. To The Moon!
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