The number of new accounts on cryptocurrency exchanges in Japan has tripled

The number of new accounts on Japanese cryptocurrency exchanges has more than tripled in the past two months.

According to Cointelegraph Japan, the data came from three major trading platforms - Bitpoint, DMM Bitcoin and Coincheck - and it indicates a significant increase in investor interest since late March. This kind of excitement among those who had previously presumably not used cryptocurrencies underscores the impact of rising prices on consumer interest, which has increased along with the return of the bull market.

In May, the number of open accounts on the Bitpoint exchange increased by 3 and 2 times compared to April and March, while for DMM in May the number increased by 1.5 and 2 times respectively. In addition, three times as many accounts were opened on Coincheck this month as in April.

Coincheck's public relations department told Cointelegraph Japan that the local surge occurred on May 14, when the number of new accounts on the exchange increased seven times, compared to the average for March.

Trading on cryptocurrency exchanges has also picked up quite a bit recently. According to a new report from CryptoCompare, centralised cryptocurrency exchanges saw a significant increase in trading volume in April this year.
Japan's Internal Revenue Service intends to carry out more scrutiny of cryptocurrency traders' operations in the country as part of its crackdown on tax evasion.

According to local publication The Asahi Shimbun, citing its own sources, Japan's tax authority plans to monitor large cryptocurrency transactions and identify transactions not reported on tax returns.

Such measures were decided after the Japan Revenue Service discovered that more than 50 traders and 30 companies in the country have failed to declare income from cryptocurrency transactions in recent years. The total amount of income hidden from the agency was more than $92 million.

The Asahi Shimbun notes that cryptocurrency traders are trying to hide their income due to high tax rates. Cryptocurrency income in the country has to be declared as "other income" and the rate on it reaches 55%. In comparison, the tax rate on profits derived from stock trading is only 20%.
It's also noted that Japan is one of the first countries to use cryptocurrency for crypto-casino games. Gaining its popularity, many people have switched to such games and use the portal https://cryptocasinos360.com/ja/ by the way.

It is reported that the Japan Revenue Authority will request data from cryptocurrency exchanges on customers who earned a large amount of income in 2018. Traders could face criminal prosecution if they are found to have concealed income.

As a reminder, earlier this month it was reported that Japan is tightening regulation on cryptocurrency exchanges and margin trading. The country's regulator intends to provide more clarity and impose stricter controls on the cryptocurrency industry.
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