Japan: 331 Crypto Millionaires in 2017

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The Japanese tax authority NTA announced that there were 331 crypto-millionaires in the previous year. However, analysts are very skeptical about these statistics. Given last year’s bitcoin hype, many more people have certainly made high profits from trading in cryptocurrencies.

Nikkei recently reported announcements by Japan’s National Tax Agency (NTA). Thus, in 2017, tax returns in all of Japan in 331 cases raised $ 1 million and more in revenues generated by trading in cryptocurrencies.

However, many analysts assume that most investors have styled their tax returns. Crypto gains were claimed insufficiently or not at all in the tax returns. Especially at the end of the year 2017 went through South Korea and Japan, a veritable Cryptohype. Numerous investors speculated on the course of Bitcoin and discovered their interest in other cryptocurrencies. So it stands to reason that there must be more than 331 people who could make such high profits from trading.

Number of crypto millionaires higher

The reason for the many “incomplete” tax returns was undoubtedly the announcement by the Japanese government that in the future, such income would be taxed at up to 55 percent. However, this should only apply if the investors earn at least $ 365,000 per annum. The transparency of regular cryptocurrencies facilitates the work of tax offices. By linking the wallets to the identity of the owners, one can understand every single transaction over many years.

This also explains the challenge to the cryptocurrencies Monero (XMR), Zcash (ZEC) and Dash (DASH). In order to fully ensure taxpayer supervision and prevent any money laundering, Japanese authorities announced at the beginning of May that they would only allow online trading venues to operate that did not provide their customers with anonymous cryptocurrencies.

Picture via shutterstock

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