The UK’s tax enforcement agency (the HMRC) has announced its first NFT seizure. Per a BBC report, three persons have been arrested for the illegal NFT transaction worth nearly $1.9B. The HMRC alleged that the three suspects deployed various means (VPNs, false addresses, and invoices) to carry out the dastardly act.
A Warning For Others Planning To Do The Same
Nick Sharp, a top-level with the HMRC, warned that the agency would prosecute any criminal regardless of whether crypto is used in committing the crime. Sharp further said, “this seizure is a warning to everyone who assumes that the HMRC can’t prosecute them for hiding their ill-gotten gains in crypto. We are constantly improving our technology to be a step ahead of criminals looking to use blockchain tech or crypto to hide their assets.”
This seizure could lead to a deeper probe into the activities going on in the NFT sector. Until this case, there has never been any government investigation into the NFT sector. Unlike the wider crypto industry, financial watchdogs and tax regulators have confiscated several cryptos but never NFTs. The attention of the regulators is now on the NFT sector, whose popularity continues to soar daily the same way the number of illegal transactions taking place in it has been growing.
Regulating The NFT Space
Over the last couple of months, there have been huge controversies regarding NFTs and the crypto market. Despite gaining huge attraction among many, some still called it a fad, adding that these digital collectibles are mostly overvalued. Thus, many opine that several NFT creators might suffer huge losses, especially based on recent events.
Regulators have become more interested in the NFT space as its popularity rises. Currently, Thailand’s sec is the only authority to have an oversight function over the NFT sector. It has banned some NFTs and meme coins after receiving its authorization. However, there is likely to be more regulatory policy for NFTs once the policy for the general crypto market is released and becomes effective.
Regardless of regulatory policies, the NFT space will continue to witness more private and institutional investors. Institutions are looking to engage their audiences through NFTs. Hence, they have been at the forefront of the emerging metaverse industry.
Rome Metaverse NFT Sales Set A New Record
Ertha metaverse’s goal of being the indisputable leader in metaverse continues despite having the highest number of searches for GameFi tokens. Today, Ertha developers announced that its metaverse NFT sales record had reached a new peak. The deal involved the sale of Rome metaverse NFT for a whopping $125K. The previous record was the sale of Tokyo metaverse NFT, worth $59K.
While these amounts may seem expensive, it has to be noted that the resources within each metaverse can earn Ertha far greater if properly harnessed. More than 355,000 plots of land are available for sale in the Rome metaverse NFT, and each generates revenue for the owners through taxes and fees.
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