UK tax authority makes first NFT seizure in VAT fraud case
The tax authority made three arrests in connection with a suspected tax evasion using shell companies and false identification. HM Revenue and Customs (HMRC), the chief tax authority in the United Kingdom, have seized three nonfungible tokens (NFTs) associated with a suspected tax evasion fraud.The tax watchdog claimed it was the first U.K. law enforcement agency to seize NFT. The NFT seizure came along with the arrest of three people who are suspected of evading taxes using various sophisticated means, reported BBC.The arrested suspects in the case reportedly used fake identities and....
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The U.K.’s. HM Revenue & Customs (HMRC) has made its first non-fungible token (NFT) seizure. British authorities also seized some crypto and arrested three people in a fraud case involving 250 allegedly fake companies. “Our first seizure of a non-fungible token serves as a warning to anyone who thinks they can use crypto assets to hide money from HMRC.”
NFTs and Crypto Assets Seized by UK Tax Authority
Britain’s HM Revenue & Customs (HMRC) said Monday that it has seized three non-fungible tokens (NFTs) and cryptocurrency worth about 5,000 pounds....
The South Korean government has proposed an amendment to the tax code to allow the country’s tax authority to seize and sell cryptocurrencies belonging to delinquent taxpayers. “The revision will allow direct seizing without court-approved change in ownership records. Assets held by tax dodgers in the form of digital coins will no longer evade seizure and forfeiture,” said a government official. Korean Government Wants Ability to Seize and Sell Cryptocurrencies of Delinquent Taxpayers South Korea’s finance ministry announced the 2021 Tax Law Amendment Bill Monday,....
In case you weren't aware, Bitcoiners hate authority. It is the central thing we want to avoid in finance, as well as any other industry that can be placed on the blockchain. We consider it inefficient, immoral, and just plain wrong. This makes sense for an anarcho-libertarian movement, but even anarchists have people they listen to. Merriam-Webster defines authority as "the power to give orders or make decisions," a vague description that doesn't describe how such power is acquired or what the consequences are. If we're going to rail against authority all the time, we should really do....
Shady activities abound in the NFT market. Three NFTs were seized by British authorities as part of a tax fraud probe. In order to defraud the UK tax authority of £1.4 million ($1.9 million), the suspects allegedly employed 250 bogus firms, fictitious identities, prepaid phones, VPNs, and other measures to obscure themselves. UK Tax Authorities […]
In a landmark case that could see the first ever seizure of bitcoin during a criminal investigation in India, the Narcotics Control Bureau (NCB) will look to seize about 400-500 bitcoins (approx. ₹ 21,883,567 INR or $ 327,170 USD) from the accounts of alleged drug traffickers in the country. The seizure comes as a part of a wider crackdown on drug trafficking conducted over darknet marketplaces wherein a joint-effort by law enforcement agencies has, thus far, begun investigations on three drug syndicates in the country, reports Indian e-publication LiveMint. In one particular case from....