Japanese authorities are investigating instances of tax evasion stemming from cryptocurrency transitions, as revealed by Nikkei on Oct 3. Reportedly, a total of 1.4 billion yen (roughly $6 million) has gone unaccounted for due to these transactions. Authorities carried out a large-scale investigation of crypto users in the Kanto region, learning that many individuals and companies were operating in legally gray areas.
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Japan’s tax authorities have noted that $6 million in cryptocurrency gains have gone unreported in the Kanto region and that it will work towards stronger tax guidelines.
To that end, Japanese tax authorities will focus on improving the taxation guidelines for the crypto market class. The cities scrutinized include Saitama, Tochigi, Gunma, Niigata, and Nagano.