Society

Dozens of cardano users are being investigated for tax evasion in Japan: report

Oct 05 (businessinsider.com) - 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.

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