{"id":50623,"date":"2021-10-04T16:23:10","date_gmt":"2021-10-04T13:23:10","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=50623"},"modified":"2025-09-02T19:14:08","modified_gmt":"2025-09-02T16:14:08","slug":"cardano-investors-in-japan-underpay-about-6-million-in-taxes-audit-finds","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/cardano-investors-in-japan-underpay-about-6-million-in-taxes-audit-finds\/","title":{"rendered":"Cardano investors in Japan underpay about $6 million in taxes, audit finds"},"content":{"rendered":"<p>Japanese residents underpaid the treasury by about \u00a51.4 billion (~$12.6 million), with half of the amount tied to Cardano (ADA) transactions. The results come from an audit, <a href=\"https:\/\/www.nikkei.com\/article\/DGXZQOUC265U10W1A820C2000000\/\">Nikkei<\/a> reports.<\/p>\n<p>An audit covered cryptocurrency investor accounts from several regions, including the highly urbanised Kanto region, which includes Tokyo, Saitama, Tochigi, Gunma, Niigata, and Nagano.<\/p>\n<p>According to officials, traders are increasingly using crypto investments as tools to minimise taxes. The violations detected included failure to declare income, or deliberate attempts to conceal it.<\/p>\n<p>The high share of ADA is explained by the asset&#8217;s rally since the start of the year of around 1,100%. At its peak the price <a href=\"https:\/\/u1f987.com\/en\/news\/cardano-developers-deploy-smart-contracts-on-testnet\">rose above $3<\/a>, and the rise amounted to over 1,600%.<\/p>\n<p>Cardano&#8217;s popularity in Japan stems from the project&#8217;s initial focus on Asian markets during the <a href=\"https:\/\/u1f987.com\/en\/news\/what-is-an-ico-and-can-you-profit-from-it\">ICO<\/a> conducted between 2015 and 2017, the publication noted.<\/p>\n<p>In August 2021, the local regulator allowed ADA trading on licensed platforms. Prior to that, investors could acquire the cryptocurrency only on overseas exchanges.<\/p>\n<p>In Japan, cryptocurrencies <a href=\"https:\/\/u1f987.com\/en\/news\/oecd-studies-bitcoin-taxation-in-50-countries\">are recognised as a legal form of payment and are taxable.<\/a> The tax rate is variable and can reach 55% in some cases.<\/p>\n<p>Earlier, the Financial Services Agency <a href=\"https:\/\/u1f987.com\/en\/news\/media-japan-considers-tighter-regulation-of-cryptocurrencies\">began<\/a> discussing stricter rules for digital assets in order to protect investors.<\/p>\n<p>In March, the Kanazawa District Court became the first to send a Bitcoin holder to prison for tax evasion.<\/p>\n<p>Subscribe to ForkLog&#8217;s channel on <a href=\"https:\/\/www.youtube.com\/channel\/UCC9FnXTC8_ENzaNSO5cHQ6g\" target=\"_blank\" rel=\"nofollow noopener\"> YouTube<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Japanese residents underpaid about \u00a51.4 billion (~$12.6 million) in taxes, with half of the amount tied to Cardano (ADA) transactions, according to an audit by Nikkei.<\/p>\n","protected":false},"author":1,"featured_media":50624,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1401,135,36,558],"class_list":["post-50623","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cardano-ada","tag-japan","tag-regulation","tag-taxes"],"aioseo_notices":[],"amp_enabled":true,"views":"13","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/50623","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=50623"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/50623\/revisions"}],"predecessor-version":[{"id":50625,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/50623\/revisions\/50625"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/50624"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=50623"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=50623"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=50623"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}