Tue, February 07, 2023

Crypto Prices Rally Despite Japan’s NTA Information Law

bitcoin and other cryptocurrencies

Bitcoin and other cryptocurrency prices were higher on Wednesday in spite of the reports that Japan is getting ready to demand cryptocurrency exchanges to provide information on their clients who have been suspected of tax evasion.

Bitcoin traded 2.1 percent higher to $3,916.8 on the major indexes, while Ethereum traded 1.2 percent higher to $108.54.

XRP fetched up 3.1 percent to $0.35233 on the Poloniex exchange while Litecoin perked up 2.4 to $31.017 on the Bitfinex exchange.

Digital coins have fallen drastically in the recent weeks, with bitcoin trading at 80 percent less than its value a year earlier. News of regulatory criticism and a hard fork in Bitcoin Cash are some of the reasons analysts have said that volatility has returned to the market.

Meanwhile, a report surfaced on Wednesday that Japan is considering empowering the National Tax Agency (NTA) to demand crypto exchange to provide information regarding their clients who have been suspected of tax evasion.

According to the report, Japan still remains as the leader when it comes to the cryptocurrency industry, with the Japanese currency accounting for nearly 60 percent of bitcoin. Just a year ago, over 300 individuals declared minimum earnings of 100 million yen from crypto investments and tradings.

On the other hand, the NTA claims that number are too low, and an indication of a widespread tax evasion in the sector. According to sources, a huge number of individuals failed to disclose their profit from cryptocurrency transfer and activities after the bull run at the end of last year.

Under the current law cryptocurrency exchanges can voluntarily provide information regarding their clients to the NTA. Such information includes their names, individual identification numbers, activity log, and wallet addresses.

Meanwhile, under the new legislation NTA will be able to demand this information in cases related to the suspected tax evasion. The NTA would also be allowed to demand details on bank accounts opened under fake names.

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