Japanese Tax Authorities Reveal Unreported Crypto Benefits

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Japanese Tax Authorities Reveal Unreported Crypto Benefits

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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Story Highlights

  • 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.