UK tax regulator siezes the first NFT over suspicion of tax evasion

UK tax regulator siezes the first NFT over suspicion of tax evasion (1)

Three people have been arrested by the tax authorities in connection with a possible tax evasion scheme involving shell businesses and fraudulent identities. v

The tax watchdog claimed to be the first law enforcement organization in the United Kingdom to seize NFTs.

The accused suspects allegedly built 250 bogus shell businesses and utilized false identities to dodge $1.8 million in value-added taxes.

HMRC received a court order to seize $6,765 in digital assets from the suspects, as well as three NFTs.

NFTs peaked in popularity in 2021 and have since been a popular trend among brands and the general public. Legislative opinions have been a prominent regulatory concern as the technology has grown in popularity and use cases. 

These regulatory debates are rather typical, and they are in line with the traditional financial sector.

Based on their price records and how sustainable they appear alike, LUNA, FTM, and MATIC have a significant stimulus for development.

The husband-and-wife team accused of laundering $3.6 billion in Bitcoin (BTC) had a very different Valentine. Heather Morgan’s suspended release was upheld by a federal judge, but husband Ilya Lichtenstein was remanded to pre-trial imprisonment.

Despite the market’s dramatic swings, blockchain network Algorand (ALGO) continues to move quickly. With a market capitalization of over $6 billion, the cryptocurrency was able to keep its trading price near $1. The crypto’s strong performance has piqued the interest of analysts and traders all around the world.

ALGO is currently trading at $0.92 per coin, with a 24-hour growth rate of +4.2%. Furthermore, in the last 24 hours, it has had a trading volume of about $121 million. The crypto’s successes have allowed it to maintain its 27th market position.

China’s leading tech businesses are also planning to enter the metaverse, which has an estimated market value of $8 trillion.

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