Japanese tax authorities to combat under-reporting cryptocurrency investors

Although cryptocurrency trading can lead to considerable profits, not everyone is reporting their gains, the Asahi Shimbun writes. Approximately 50 individuals and 30 companies failed to report crypto-related income over a period of several years until March. The undeclared income amounts to 10 billion yen ($93 million).

The Tokyo Regional Taxation Bureau has been investigating cryptocurrency investors; it asked cryptocurrency exchange operators to submit information regarding their clients’ business transactions from last year.

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