Dozens of cardano users are being investigated for tax evasion in Japan: report
- Dozens of
cardanousers are being investigated for not paying tax on their investments, according to a report by Nikkei.
- Kanto Shinetsu National Taxation Bureau has been investigating the 1.4 billion yen of tax missing, the report said.
- Reporting tax on digital currency investments has been a priority for Japanese authorities since 2018.
Dozens of cardano network users have been investigated by authorities in Japan for tax evasion, according to a report by media outlet Nikkei on Sunday.
The Kanto Shinetsu National Taxation Bureau in Japan has been investigating 1.4 billion yen ($12 million) worth of missing tax. Ada investors based in the Japanese cities of Saitama, Tochigi, Gunma, Niigata, and Nagano among others were subject to investigation.
Japanese tax authorities have made reporting liabilities from digital currency investments a priority since 2018, the report said. The Tokyo National Taxation Bureau has also undertaken large-scale tax examinations, Nikkei added.
The Kanto Shinetsu National Taxation Bureau was not immediately available to comment when contacted by Insider.
Tax and regulatory authorities around the world have increased their scrutiny of crypto-assets as they have gained momentum and more mainstream adoption. Cardano, and its ada token, has seen a huge influx of investment, thanks in part to a recent upgrade that enabled the blockchain to host smart contracts
Ada is the 4th biggest coin by market capitalization after bitcoin and ether. Ada is one of the top performing
- A 29-year-old woman found a mark on her head and was diagnosed with a fungal infection. It turned out to be invasive skin cancer.
- JPMorgan CEO Jamie Dimon told wealthy clients there's a chance the US is heading into 'something worse' than a recession, report says
- Why Google employees fear the worst as the company quietly extends its hiring freeze
- Android 13 is officially here - here’s what’s new and a list of supported devices
- Galaxy Digital terminates $1.2 billion acquisition of crypto firm BitGo
- Markets poised for positive momentum in August as domestic and global inflation eases
- Here’s a list of stocks that can benefit from the festive season
- Nepotism and termite-like corruption dented India : Modi