News is coming! Japanese Tax Authorities Push for New Crypto | Beyond the Moon

News is coming!

Japanese Tax Authorities Push for New Crypto Regulations

Crypto-related businesses and individuals have failed to report crypto gains valued at 10 billion yen ($93 million), according to Japanese Tax Authorities.

Asahi Shimbun reported that 30 companies and 50 individuals are being investigated for failure to account for astonishing profits made from cryptocurrency trading over a period of several years. This figure is linked to the sharp rise in value of virtual currencies in recent years.

One reason individuals avoid reporting their gains is due to concerns regarding the tax rate, which can exceed 50 percent on crypto earnings because they are considered miscellaneous income.

A senior National Tax Agency Official said "The fact that we are able to seek and confirm client data under the force of law will become a powerful weapon.”