Japan’s local tax bureau is investigating individuals who profited from buying and selling ADA
According to Nikkei, Japan’s national tax authorities are strengthening taxation proceedings on crypto, and dozens of people have been accused of failing to pay $12.6 million, especially the ADA, known as the Japanese ETH.
A slew of Japanese Cardano traders managed to bag big profits but failed to pay taxes
Japan’s tax collection agencies have arrested crypto traders for tax evasion. After a large-scale audit in the Kanto region and other parts of the country, it was discovered that they had failed to pay $12,605,798.
According to one survey participant, individuals from cities like Saitama, Tochigi, Gunma, Niigata, and Nagano mainly profit from buying and selling Cardano. Dozens of people have discovered tax problems, and the tax evasion amounted to $6 million. ADA traders have either failed to declare their profits or are evading taxes by lying.
Many have made a profit due to the rapid rise of the ADA price in 2021. Regional tax offices have so far conducted six crypto-related audits. One of the Kanto regions has been tracking ADA transactions for years.
However, with total trading volume hitting $39 billion in May, this looks to be an increasingly difficult task. Since over 90% of the participants in Cardano’s ICO are from Japan, it’s no surprise that the popular cryptocurrency project is often referred to as the Japanese Ethereum.
However, it was only possible to trade ADA on foreign exchanges, such as Binance, due to strict regulations until recently. As AZCoin News reported, users could trade ADA in Japan through the Bitpoint exchange at the end of August.
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