UK NEWS: UK takes first NFTs over tax deduction

LONDON, Feb 14 – British tax authorities say they are for the first time seizing unmarked tokens in a crackdown on money laundering.

Her Majesty’s Revenue & Customs arrested three NFTs after an investigation into an attempt to defraud the public fund of 1.4 million pounds ($ 1.9 million).

About 5,000 pounds of other crypto assets were also seized.

The investigation also led to the arrest of three people on suspicion of tax fraud involving 250 fraudulent companies.

Nick Sharp, deputy director of economic crime at HMRC, said the capture of the NFTs, which had not yet begun, was a warning to anyone who thought they could use crypto assets to hide money.

“We are constantly on the lookout for new technologies to ensure we are in line with the way criminals and evaders look to hide their assets,” he said in a statement.

NFT is a crypto asset that uses blockchain to record the status of digital files such as photos, videos and even objects within online games.

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