סוחר יפני נידון לשנת מאסר
The Ishikawa Prefecture Court found the Japanese trader guilty of tax evasion when buying bitcoins. Now he faces a year in prison and a $200,000 recovery.
The defendant, 56-year-old Hideji Matsuda, hid his financial activities from 2017 to 2018 related to the purchase of cryptocurrencies, after which the Kanazawa court charged him with violating the Income Tax Act.
The court ruled that Matsuda deliberately committed a crime and did not submit the relevant documents to the tax office with data on his financial transactions with cryptocurrency. According to Matsuda, the income from his activities amounted to 1.2 million yen or 11 thousand dollars. In fact, the trader received dozens of times more - 74 million yen or 678 thousand dollars.
The defendant himself told the lawyer that he was not given clear instructions on how to correctly calculate the profit from the income received from cryptocurrency trading. And although lawyers argued that the man even submitted a petition to amend the issue of calculating income from cryptocurrencies even before the charges brought against him, the prosecutor's office remained adamant. The court also decided to reject the request for clemency and delivered a final verdict.
The case is most interesting because this is the first time in Japan that a person has been convicted and sentenced to a term for tax evasion on cryptocurrencies. The trial itself began back in 2020.
By the way, cryptocurrency business in Japan - be it mining or digital currency trading - is taxed up to 55%.