HILL TAX BRIEFING: US Working With Tax Allies to Scrutinize NFTs

Tax enforcers have non-fungible tokens in their sights as vehicles for potential tax evasion, officials from five countries said Friday. NFTs are unique digital assets, the ownership of which is recorded in the blockchain.

Tax officials from Australia, Canada, the Netherlands, the United Kingdom, and the United States met last week to share intelligence and data about possibly illegal activity involving cryptocurrency. They identified more than 50 leads on potential tax crimes, including one that could be a $1 billion Ponzi scheme.

“Some of these leads I’m talking about, they involve individuals with significant NFT transactions revolving around potential tax …

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