HMRC have seemed to send out a warning to anyone that is opting to use crypto assets to avoid their tax obligations. This article seeks to discuss the concept of Non-Fungible Tokens, its influence of digital ownership and HMRC’s recent seizure.
What are Non-Fungible Tokens?
A Non-Fungible Token, commonly referred to as an NFT, are digital tokens stored on the blockchain that can be bought and sold using cryptocurrency and represent certificates of ownership for both digital and potentially physical assets. NFTs differ from cryptocurrencies, where they are digital ‘uniques’ which cannot be exchanged like coins and other cryptocurrencies.
NFTs first emerged in 2014 and each token is evidence of ownership of a unique and non-int...
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