Cardano Investors In Japan Come Under Fire For $6 Million In Underreported Taxes

Cardano investors in Japan have come under scrutiny after authorities reported that investors in the asset had underreported their taxes from their trading activities. It was reported that multiple cities in the country had seen profits from trading in Cardano’s native token ADA but had not reported the earnings made from investing in the digital asset. Authorities are now beginning to strengthen taxation laws around cryptocurrencies given that citizens have taken to using digital assets as a way to evade tax liabilities. Japanese citizens are investing more in cryptocurrencies and avoid paying taxes on them due to their legality being yet to be determined. Related Reading | FinTech Behind Cardano’s First Stablecoin Launches Bank Accounts And Visa Debit Cards Cardano Investors Cutting Corners A report from Japanese publication Nikkei revealed that tax authorities had carried out a simultaneous audit of a number of regions in the country. The large-scale tax audit uncovered 1.6 billion yen in under-reported taxes from profit from digital assets. $12.6 million in missing taxes were identified to be from dozens of people who had not reported their earnings from digital currencies. ADA price struggling around $2.1 | Source: ADAUSD on TradingView.com The report also showed that the tax evasion techniques were not limited to individual investors alone. Companies had also taken advantage of these “tax-saving measures” by in...