Japan's NTA collects record $29.7M in back taxes from crypto investors

Japan's National Tax Agency (NTA) collected a record ¥4.6 billion ($29.7 million) in back taxes from individual cryptocurrency investors last year, CoinPost reported. The figure, derived from 613 tax audits, marks a 31.4% increase from the previous year. Currently, Japan classifies profits from cryptocurrency as miscellaneous income, subject to a progressive tax rate of up to 55%. However, the Japanese government and the ruling party are pursuing a plan to reclassify it under a separate taxation system.