More than $331 million has been raised through mining by just 331 investors in the Japanese crypto sector, the country’s National Tax Agency (NTA) has revealed.
Unlike agencies in many other countries, the NTA in Japan says that all 331 investors have declared their earnings from crypto investment as part of the voluntary tax declaration, and it remains optimistic that they will pay up.
“If the rapid growth of the cryptocurrency sector in late 2017 is considered, 331 is a number that is simply too low to be true,” said an analyst. “A large portion of cryptocurrency investors probably did not declare their earnings to the government.”
Major Japanese bank Mitsubishi UFC last week announced it was planning an 100,000 participant trial using its own cryptocurrency for payments and transfers.
Back in April it was revealed that at least 3.5 million people were trading cryptocurrency across the nation, expanding voume frm $22 million in 2014 to $97 billion in 2017. Young male professionals in particular are leaning into the sector, with 14 per cent of businessmen aged 25-30 owning crypto.
But it hasn’t all been smooth sailing, as Japan has issued various clampdowns on exchanges in light of cybersecurity incidents, following much of the rest of the world with its stance on consumer protection over innovation.