According to DLNews, the UK tax authorities are still working on how to value these digital assets after seizing three NFTs nearly two years ago. No NFTs have been seized since the 2022 operation.
HMRC said it was exploring methods for valuing and assessing NFTs, which were seized along with around £5,000 in cryptocurrencies in a £1.4 million VAT fraud case.
HMRC declined to say whether the NFTs had been sold and said disclosing custody methods could increase the risk of criminals targeting HMRC employees. The NFT market has cooled significantly since its 2021 peak.