The First Japan’s Trial on Tax Evasion of the Bitcoin Owner Resulted in His Imprisoning
Hidadzhi Matsuda from Komatsu, Japan was sentenced to 12 months in prison and a ¥22 million for disguising his income from the operations with cryptocurrencies. This is the first case in Japan that dealt with such a type of financial crime. The 56-year-old citizen claims that he wasn’t aware of doing something illegal.
According to the closing indictment, Matsuda intentionally understated the amount of income he got from the crypto trading while filling in his tax documents. It was stated that he underpaid more than ¥74 millions to the state. On March, 9th Kanazawa court convicted him of data falsification.
Cryptocurrencies in Japan are legal and people must pay taxes for operating them. Its policy towards cryptocurrencies was often considered unfriendly to the industry, and some politics proposed to the government to rearrange the tax rates. In some cases, they can reach 55%, which can’t be called encouraging.