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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.
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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 investing in cryptocurrencies. Of these cryptocurrencies investors had chosen, Cardano ranked as the top choice for investors. According to the report, about half of the missing taxes, $6 million, were attributed to profits made from investors who had bought ADA.
Japanese tax authorities are carrying out investigations on proper ways to acquire tax information to enable them to process the taxes due from crypto investors. It has although brought to light how important it is for there to be legal clarifications surrounding cryptos as they are still a legal grey area in the country.
Getting Listed In Japan And Subsequent Rally
It is important to note that up until two months ago, Japanese investors could not directly access Cardano in their country. This is because the country’s rules for listing cryptocurrencies on exchanges are quite stringent. So investors had to rely on overseas exchanges like Binance in order to gain access to the digital asset. ADA had finally been listed in Japan after five years since the asset was created and Japanese investors could now directly buy and sell the cryptocurrency on their native exchanges.
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At the time of the listing, ADA was still trading low around $1.2. The months following the listing had then seen the price of the digital asset rally. ADA had then grown about 200% from the time of listing to its peak at the start of September, and the $6 million in underreported taxes from Japanese investors were said to be mostly from the bull rally that occurred about a month after the listing.
Tax authorities continue to monitor trading activities in Cardano, known as “Japanese Ethereum”, in the country. Audits have been carried out in six assets so far, but authorities are paying more attention to ADA given the volume of underreported taxes from its investors.
Featured image from Ethereum World News, chart from TradingView.com
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Cardano (ADA) Receives Approval To Be Listed In Japan
Cardano (ADA) has recently secured another win in its long repertoire of wins lately. The native coin of Cardano, ADA, has now been approved to be listed in Japan, which features one of the hardest listing requirements in the world. Only a handful of coins have been able to receive approval to be listed on exchanges in Japan, and ADA just became one of them.
Japan has always been crypto-friendly right from the beginning. But that does not mean they have lax laws when it comes to cryptocurrencies. The coins that are listed on exchanges in Japan are carefully screened to make sure that they are good projects for its citizens. This means ADA getting approved makes the coin even more valuable now.
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Sebastien Guillemot, CTO and Co-Founder of dcSpark made the announcement on his Twitter profile, outlining that Japan has extremely strict rules for getting listed on crypto exchanges.
Cardano was finally listed in Japan! 🇯🇵 $ADA
Japan has extremely strict rules for crypto exchange listings.
Only a small number of tokens can be listed in Japan, and ADA is now on that list! 🎉🎉 https://t.co/n2oxPHKa36
— Sebastien Guillemot (@SebastienGllmt) August 3, 2021
A Very Important Listing
Listings like these do not happen all the time. Cardano (ADA) now joins the likes of Bitcoin, Ethereum, and Litecoin to be amongst coins allowed to be traded on Japanese exchanges. The importance of this listing cannot be overemphasized in the growth of Cardano (ADA) going forward.
Guillemot went on to add another tweet that compared the approval in Japan to the listing of the digital asset on Coinbase back in March for the Japanese crypto community. Because while the listing on Coinbase was big news for the rest of the market, Japanese users were still mostly cut off from it. Owing to the strict regulations around cryptocurrencies in the country.
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Although the Cardano ICO had taken place mostly in Japan back in 2015, the asset never got listed on any Japanese exchange, until now. This opens access to Cardano (ADA) to a wider customer base who were previously cut off from the market. The listing will allow investors in Japan to finally buy into Cardano (ADA) using exchanges in their own country.
Cardano (ADA) Price Reaction
The news of the listing has not provided any significant boost to the price of Cardano (ADA) so far. Coin price continues to trend around $1.35, not showing much improvement over the last 24 hours following news of the listing breaking.
ADA price remains sluggish | Source: ADAUSD on TradingView.com
ADA price remains low momentum despite the market showing continuous bullish trends over the past week. Posting small recoveries, only to dip back down and continue slow movement as time passes.
The price of the digital asset is currently trading at $1.357, with a 0.47% gain and a $43.6 billion market cap.
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