{"id":65630,"date":"2023-11-27T09:01:17","date_gmt":"2023-11-27T13:01:17","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=65630"},"modified":"2023-11-27T09:01:21","modified_gmt":"2023-11-27T13:01:21","slug":"japans-average-value-of-undeclared-crypto-income-falls-19-in-2022","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/japans-average-value-of-undeclared-crypto-income-falls-19-in-2022\/","title":{"rendered":"Japan’s Average Value of Undeclared Crypto Income Falls 19% in 2022"},"content":{"rendered":"\n

Japan's tax authorities estimate that the average value of undisclosed cryptocurrency income fell by 19% in 2022, while the number of tax evasion <\/a>cases featuring crypto assets rose by 35% in the same year.<\/p>\n\n\n\n

\"Japan's
Japan's Average Value of Undeclared Crypto Income Falls 19% in 2022<\/figcaption><\/figure>\n\n\n\n

The Japanese National Tax Agency (NTA) published its annual summary of tax investigations on November 24. The thirteen-page document also includes information regarding the investigation into cryptocurrency tax evasion.<\/p>\n\n\n\n

Based on tax returns for 2022, the NTA initiated 615 investigations into the cryptocurrency holdings<\/a> of citizens, an increase from 444 in 2021. The agency discovered tax violations in 548 cases, a 35% increase from 2021 when it discovered 405 instances of cryptocurrency tax evasion.<\/p>\n\n\n\n

Conversely, between 2021 and 2022, the mean value of undisclosed cryptocurrency holdings decreased from 36,590,000 Japanese yen (approximately $245,000) to 30,770,000 yen ($206,000).<\/p>\n\n\n\n

In August, regulators in Japan, including the NTA and the Financial Services Agency\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> (FSA), verified that unrealized cryptocurrency gains would not be subject to capital gains tax for Japanese citizens. This entails an exemption of approximately 35% in taxes on crypto assets without any trade operations throughout the fiscal year.<\/p>\n\n\n\n

This month, Japan commenced “rapidly transposing” the Crypto-Asset Reporting Framework, a new international standard governing the automated exchange of information between tax authorities, into its domestic legal systems, joining nearly fifty other nations in this undertaking.<\/p>\n","protected":false},"excerpt":{"rendered":"

Japan’s tax authorities estimate that the average value of undisclosed cryptocurrency income fell by 19% in 2022, while the number of tax evasion cases featuring crypto assets rose by 35% in the same year. The Japanese National Tax Agency (NTA) published its annual summary of tax investigations on November 24. The thirteen-page document also includes […]<\/p>\n","protected":false},"author":12,"featured_media":42253,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[17364,885,883,17365],"class_list":["post-65630","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-crypto-income","tag-fsa","tag-japan","tag-nta"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/12\/image-38.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/65630","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=65630"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/65630\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/42253"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=65630"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=65630"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=65630"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}