Learn about tax evasion cases involving some cryptocurrencies

Today I want to share with all of you an information socialized by David Attlee in the Cointelegraph portal that I found interesting, and I say that I found this publication attractive because it is related to cases of tax evasion starring some cryptocurrencies in Asian countries where the issue of regularizations is a very controversial topic.

According to Attlee, "On November 24, Japan's National Tax Agency (NTA) published its annual summary of tax investigations. The 13-page document also contains data on the investigation of crypto tax evasion."

Continued Attlee stated that the aforementioned agency has initiated "investigations into citizens' cryptocurrency holdings based on their tax returns for 2022, up from 444 in 2021. In 548 cases, the agency found tax violations, a 35% increase over 2021, which had 405 cases of cryptocurrency tax evasion"

Additionally, "the average value of undeclared cryptocurrency holdings fell from 36,590,000 Japanese yen (about USD 245,000) in 2021 to 30,770,000 yen (USD 206,000) in 2022"

One of the things that most captivated my attention is that "This month, Japan joined a list of nearly 50 nations that pledged to "swiftly transpose" the Cryptoasset Reporting Framework - a new international standard on the automatic exchange of information between tax authorities - into their domestic law systems"

Cointelegraph. Average value of undeclared crypto in Japan dropped 19% in 2022. Link

The cover image does not belong to the author: @lupafilotaxia, the image was taken from: Cointelegraph