--- title: "United Kingdome's First Seizure of NFTs in Tax Crackdown" description: "United Kingdome has seized the Non Fungible Tokens for the first time worth Rs 5 lakh around 5,000 GBP crypto assets in a fraud case." author: "Sanjay Goenka" published: 2022-02-15 canonical: https://www.mindstick.com/news/1408/united-kingdome-s-first-seizure-of-nfts-in-tax-crackdown category: "cryptocurrency" tags: ["technology", "internet", "technology news", "cryptocurrency", "nft marketing services"] reading_time: 2 minutes --- # United Kingdome's First Seizure of NFTs in Tax Crackdown > **[United Kingdome](https://answers.mindstick.com/qa/98685/united-kingdome-is-built-on-the-blood-of-slaves-what-does-it-mean) for the first time seized the NFTs in Tax Crackdown.** Seize include around **5,000 GBP (INR 5 lakh)** crypto assets including this some other crypto assets were also seized by British [Authority](https://www.mindstick.com/forum/156108/what-is-domain-authority). NFTs are a form of asset related to the crypto world and it uses [Blockchain](https://www.mindstick.com/articles/13044/blockchain-games-and-their-potential-influence-on-gaming) to record the ownership status of [digital](https://www.mindstick.com/articles/12825/5-major-benefits-of-using-corporate-digital-signage-in-business-communication) files. ### Highlighted Points - Seize of crypto assets was also included the arrest of three-person. - The **Custom and Majesty’s revenue** has seized the three NFTs. - NFTs seizure by the authority is acting as a warning to others. #### Read More: [Cryptocurrency Fraud Worth Of Rs. 2 Crore In Bengaluru, Police Initiates Inquiry: Report](https://www.mindstick.com/news/1269/cryptocurrency-fraud-worth-of-rs-2-crore-in-bengaluru-police-initiates-inquiry-report) On Monday, the **British tax Authority** had revealed its first-ever seizer of crypto assets of **Non-Fungible tokens (NFTs)** in a crackdown on suspected criminal [activity](https://www.mindstick.com/forum/12894/how-to-force-recreation-of-activity-fragment-on-restore) to hide money. The Majesty’s Revenue and Customs of British have seized the three NFTs just after an attempt to defraud the Public Officer of GBP 1.4 million (INR 14 crore). Including the above amount, some **5,000 GBP,** crypto assets were also seized by the British Authority. The inquiry is done by the British Authority also involves the arrest of three persons who were alleged **value-added tax repayment** fraud involving 250 fake companies. The [official](https://answers.mindstick.com/qa/93540/is-kidszone-different-from-official-mindstick) statement by an official officer has asked the seizure as a future warning for the people who think they can hide their [money fraud](https://answers.mindstick.com/qa/94645/what-is-the-time-limit-for-filing-a-civil-suit-for-money-fraud-in-india) through these crypto-assets which has not yet been valued, **Nick Sharp, deputy director of economic crime at HMRC state this.** #### He also added “We constantly adapt to new [technology](https://www.mindstick.com/articles/13005/the-functional-aspects-of-laser-technology) to ensure we keep pace with how criminals and evaders look to conceal their assets,” stated Nick Sharp. #### Read More: [Cryptocurrency Crime Hits All-Time High in 2021, 79% Growth: Says Chainalysis](https://www.mindstick.com/news/1199/cryptocurrency-crime-hits-all-time-high-in-2021-79-growth-says-chainalysis) --- Original Source: https://www.mindstick.com/news/1408/united-kingdome-s-first-seizure-of-nfts-in-tax-crackdown Copyright © MindStick Software Pvt. Ltd. This Markdown version is provided for developers, AI systems, and offline reading.