Japanese Government is cracking down on cryptocurrrency tax evaders

08 Dec, 2018 | Updated: 09 Dec, 2018
by David Borman
Regulation
Japanese Government is cracking down on cryptocurrrency tax evaders

According to a recent article by The Next Web, the Japanese government is beginning to turn its eye towards those who have made significant gains on crypto trading but have so far failed to report it.

It seems a system is being developed that would allow for the Japanese National Tax Agency (NTA) to request relevant crypto trading information from anyone suspected of avoiding taxes.

Up until now, crypto businesses did not have to submit any information about their clients to the authorities, but under this new policy they would be legally obliged to do so. 

Initially the NTA will be focusing on those who have earned over 10 million yen ($88,000) from trading, so small time traders are currently safe. As is anyone who has been accurately reporting what they have earned.

This marks the beginning of a stricter regulation on crypto in Japan. It will likely be something we see in many nations in the coming years. Stick right here with Chepicap for any and all tax related updates!

Read more: Israel's tax authority targeting those avoiding crypto-related taxes

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