UK makes first seizure of NFTs in tax crackdown ($ 1.9 million fraud)

[dothebeats]

NFTs before it became the hype of the year is good. Some awesome projects and creations were out and about, until it was plagued by nefarious people trying to use it to launder money and do illicit things. Some fresh ideas came out when NFTs were new, but it became stale after a while since people are trying to sell almost anything. The space isn't developing and money launderers have been flocking the market like ants finding food, and I think it's justified if regulations are to be put in place to protect people for their money.

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[mobilestrike]

That is a lot of work. Escaping something like tax wouldn’t be so easy and you would still get caught. I’m just worried what effect It could give to the cryptocurrency economy, like how the people of the UK would see NFTs now and how it's being used.

That really put bad effects on NFTs because if NFTs will remain in safe hands then everyone will like it and artists will get their real profits while if people start to use it for escaping from tax then people will think of it as a source of money laundering and will think that these are those involved in it who escape from paying taxes.
People ahve to be positive as many people use many sources to evade taxes so it is not only NFTs which they started to use for the first time.

[crwth]

That really put bad effects on NFTs because if NFTs will remain in safe hands then everyone will like it and artists will get their real profits while if people start to use it for escaping from tax then people will think of it as a source of money laundering and will think that these are those involved in it who escape from paying taxes.

Those are just questionable things that people do that it can be for money laundering or it could just be a prank ^{a pretty expensive prank} just to be part of the hype or something. It's just interesting to consider that there are actual people buying into it or something. Maybe they just have a lot of money.

People ahve to be positive as many people use many sources to evade taxes so it is not only NFTs which they started to use for the first time.

A lot of stuff has been invented to evade it and they are just adapting to the new technology, I guess.

[dunfida]

That is a lot of work. Escaping something like tax wouldn’t be so easy and you would still get caught. I’m just worried what effect It could give to the cryptocurrency economy, like how the people of the UK would see NFTs now and how it's being used.

That really put bad effects on NFTs because if NFTs will remain in safe hands then everyone will like it and artists will get their real profits while if people start to use it for escaping from tax then people will think of it as a source of money laundering and will think that these are those involved in it who escape from paying taxes.
People ahve to be positive as many people use many sources to evade taxes so it is not only NFTs which they started to use for the first time.

Still got surprised with this scenario?Anything which can be possibly used as long people could able to do so including NFT's or any other,there would be no exemption.
Lets just accept that reality or fact because this is always been a normal thing where there are opportunist that would be taking advantage on the current trend
that we are in.Crackdowns on these illegal doing would be a never ending chase.

[bitmover]

Melania Trump accused of placing winning $185,000 bid in first sale on her new NFT platform
Transactions on the Solana blockchain found links between her to the winning bid of 1,800 SOL

https://www.independent.co.uk/news/world/americas/melania-trump-nft-auction-winner-b2017060.html

So it is happening already. She bought her own NFT.

Is this how people will laundry money now? I can just put my NFT to sell, and buy it for thousands or even millions (in some other account that I own).