In Japan, Cardano investors were convicted of taxes for $ 6 million

The residents of Japan did not pay about https://gagarin.news/news/78-million-fine-terraform-labs-to-answer-for-tax-evasion/ 1.4 billion yen (~ $ 12.6 million) to the treasury, and half the amount is calculated on Cardano (ADA). Such results were obtained during the audit, writes Nikkei.

The checks were held accounts of cryptocurrency investors from a number of regions, including a highly urbanized canteen, which includes Tokyo, Saitama, tochiga, Gumma, Niigata and Nagano.

According to officials, traders are increasingly using crypto investments as tools for minimizing taxes. Identified violations showed the lack of income declaration, or intentional attempts to conceal them.

A high percentage of ADA is explained by an asset from the beginning of the year of the rally by 1100%. At the peak, the price exceeded $ 3, and the growth was over 1600%.

The popularity of Cardano in Japan is caused by the initial focus of the project for Asian markets during the ICO during 2015-2017, the publication recalled.

In August 2021, the local regulator allowed ADA auction on licensed platforms. Before that, investors could purchase cryptocurrency only on foreign exchanges.

In Japan, cryptocurrencies are recognized as legal payment and taxed. Sliding tax rate and in some cases reaches 55%.

Earlier, the country’s financial services agency have begun discussing more stringent rules in relation to digital assets in order to protect investors.

Recall that in March the District Court of Canazava first sent the owner of the bitcoins to prison for tax evasion.