UK: HMRC seizes NFT for first time in L1.4m fraud case

Source: BBC

HMRC seizes NFT for first time in £1.4m fraud case

14 February 2022

The UK tax authority has seized three Non-Fungible Tokens (NFT) as part of a probe into a suspected a VAT fraud involving 250 alleged fake companies.

HM Revenue and Customs (HMRC) said three people had been arrested on suspicion of attempting to defraud it of £1.4m.

The authority said it was the first UK law enforcement to seize an NFT.

NFTs are assets in the digital world that can be bought and sold, but which have no tangible form of their own.

The digital tokens, which emerged in 2014, can be thought of as certificates of ownership for virtual or physical assets. NFTs have a unique digital signature so they can be bought and sold using traditional currency or crypto currency, such as Bitcoin.

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Read more: https://www.bbc.com/news/business-60369879