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Tax-Dodging Cardano (ADA) Traders Come Under Scrutiny in Japan

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Tax-Dodging Cardano (ADA) Traders Come Under Scrutiny in Japan

recent report by Japanese financial outlet Nikkei says that Japan’s tax collecting agencies have zeroed in on tax-dodging cryptocurrency traders.    

After a large-scale audit in the Kanto region and other parts of the country, it was discovered they had failed to pay 1.4 billion yen ($12.6 million).  

According to a person involved in the investigation, individuals from such cities as Saitama, Tochigi, Gunma, Niigata and Nagano mainly profited off of buying and selling Cardano. Tax authorities have identified 670,000 yen ($6 million) in underreported taxes.  

ADA traders were either not declaring their profits or were avoiding paying taxes by means of deception.   

According to a tax accountant quoted by Nikkei, many people have turned a profit due to Cardano’s rapid price surge in 2021.

Regional taxation bureaus have so far conducted six cryptocurrency-related audits. The one in the Kanto region has been monitoring ADA transactions for years, according to the report.

However, with the total transaction volume reaching 5 trillion yen ($39 billion) in May, this might sound like an increasingly arduous task.

Given that more than 90 percent of those who participated in Cardano’s initial coin offering (ICO) were from Japan, it’s not surprising that the popular cryptocurrency project often gets called the “Japanese Ethereum.”

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Until recently, however, it was only possible to trade ADA on overseas exchanges, such as Binance, due to stringent regulations. As reported by U.Today, ADA became available for trading in Japan on the Bitpoint exchange in late August.

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Analysts affirm Cardano will outperform Bitcoin and Ethereum given ADA’s enhanced scalability

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  • Binance coin replaced Cardano as the third-largest cryptocurrency. 
  • Over 70% of ADA supply remains staked. 
  • With institutional investment flows to Cardano, proponents expect ADA market capitalization to recover. 
  • Cryptocurrency analysts expect Cardano to outperform Bitcoin and Ethereum based on ADA price trends. 

Charles Hoskinson, Cardano founder, made an effort to dampen Cardano’s negativity and uncertainty and the cryptocurrency ecosystem. Hoskinson broadcasted from South Africa and shared potential opportunities for the Cardano Foundation.

Analysts expect Cardano to outperform Bitcoin with updates in the ecosystem

In his recent broadcast from Africa, Charles Hoskinson shared how the rising uncertainty in cryptocurrencies puzzled him. Hoskinson believes that Cardano has met every single milestone on its roadmap. 

The Cardano network has never suffered an outage, and the founder reassures users about ADA’s current plans. Cardano is focused on enhancing scalability. 

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The Plutus Application Backend (PAB) launch is set to ensure scalability on the network. It is scheduled for later this month. Once Cardano improves scalability, more users are expected to join the network. 

Cardano is working on another exciting development in the roadmap, layer-2 scaling solution Hydra. Alongside Plutus, Mamba Pool, Atala Prism and Mithral, Hydra’s development is underway. 

Fourteen teams are working on different elements within the Cardano ecosystem. Hydra is expected to process transactions on the Cardano network in an efficient manner. Since most transactions will be processed off-chain, Hydra will use the Cardano blockchain to secure settlement. 

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The Hydra protocol is currently under extensive testing. 

Despite the upcoming updates in the Cardano ecosystem, ADA’s market capitalization dropped, and the altcoin no longer ranks among the top three cryptocurrencies. The percentage of ADA tokens staked remains stable above 70%; analysts are bullish on the altcoin as supply under circulation remains relatively low. 

There is a spike in institutional investment in ADA. Over $3 million capital flowed to ADA-based funds in the past week, according to a Coinshares report. 

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Austin Hilton, a cryptocurrency analyst and YouTuber, has set a $15 target for ADA price. Hilton states, 

Cardano could hit $15 by the end of this bull run that we are all looking at. It’s set to end in kind of February-March time frame.

FXStreet analysts have evaluated the ADA price trend and predicted that the altcoin’s price is bound for profit-taking. Analysts set a target of $1.70 for the altcoin. 

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Cardano’s Project Catalyst Fund6 Concludes Voting Campaign

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Cardano’s largest community initiative is going to finish voting for its sixth iteration

Only a few hours remain for Cardano (ADA) enthusiasts to take part in the largest community vote, i.e., a referendum designed to indicate the winners of Project Catalyst.

711 applicants, $4 million in ADA at stake

According to the “last call” announcement by Input Output Hong Kong, the development studio behind Cardano (ADA), its Project Catalyst Fund6 is ready to enter a crucial stage.

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The voting campaign that allows ADA holders to choose the winners of Project Catalyst will be closed on Oct. 21, 2021, at 10:00 a.m. UTC.

IOHK representatives shared that 711 products submitted their proposals to Project Catalyst voting portal. As covered by U.Today previously, 267 projects took part in the previous iteration of Project Catalyst.

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In Fund5, the net amount of rewards was set at $2,000,000 in ADA tokens.

Largest community-driven campaign in crypto

Project Catalyst is a unique multi-phase incubator for all early-stage products interested in building on Cardano’s (ADA) smart contracts.

Launched stealthily in August 2020, it garnered excitement across Cardano-focused dApps developers. The winners of Project Catalyst receive financial, consulting and promotional support.

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Project Catalyst Fund6 is a special one as it is the first campaign launched with smart contracts live in Cardano’s (ADA) mainnet.

As such, the winners of this stage will be able to experiment with “real” Cardano smart contracts.

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Charles Hoskinson and Cardano (ADA) In The Business of Protecting

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The community keeps responding with a mix of optimism and toxicity to the recent Charles Hoskinson Update.  However, it is very obvious that Charles is very clear about the destiny of the project.  Negativity never burns Charles. He has already outgrown it.

Community response:  I don’t trust Charles or Cardano to deliver on quality. Guys cares more about academic prestige than actually delivering on the DeFi ecosystem or providing a functional network. All hype, which will forever be catching up to expectations.

So when your house is on fire, you’d rather have police officers show up to put out the flames. Got it. They’re obviously in the business of protecting, but they don’t quite have the right tools for the job. Building things right the first time takes time.

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Building things right does take time. Building things for the right reasons is exactly why Buterin kicked Charles out of Ethereum’s non-profit vision. You’re right, but observe how Charles (the person) spends his money on vanity projects for Carnegie Mellon.

Who cares what Charles (the person) spends his money on? He is not Cardano, and Cardano is not him! WE are Cardano as a unity, and damn we’re strong.

Charles, say something, let’s pump, we’re tired.

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If you’re looking for something to pump and dump there are thousands of erc20 tokens to do so with. Leave Cardano alone and let it organically grow. That way it’s not all over the place because it’s inflated due to hype. A good currency stays the same price.

ADA is dying for those who are impatient.  Weak hands don’t deserve to be in the Cardano Ecosystem.  People are accumulating every day.

I own ADA and am a HODLER. But do you think that ADA’s price suppression is due to your openness and transparency of Cardano? It might give the impression that your tipping your hand to the competitors instead of just promoting open source and decentralization of ADA?

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Guys, if you don’t like the ADA price ATM, you’re free to sell and leave. Just know that you’re going to regret it.

Charles your intentions may be great, but here’s the thing – in the crypto world decades happen in weeks (and you know this), what you’re trying to achieve is already in use by projects with much less market cap (FTM for ex), DOT’s all set for auctions and when eth 2.0 is out.

Charles I would like to congratulate you on how far you have taken us, but I would like to point out that the Cardano tree project is dumping our ADA donations back into the market. It would be nice if our donations are burnt. as we never intend to sell.

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