Chinese investors hide land deals in Japan by using cryptocurrency

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Tokyo tax authorities uncovered a China-based scheme that invested about 27 billion yen ($237 million) in Japanese real estate using cryptocurrency to avoid the watchful eye of the Chinese government, sources said.

Officials of the Tokyo Regional Taxation Bureau conducted a tax audit of a company in the capital’s Taito Ward that operated a photo studio aimed at foreign tourists.

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The company had annual sales of only about 10 million yen, but tax officials discovered huge amounts of cash going in and out of the company’s accounts, the sources said.

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One of the accounts was with an exchange that converted cryptocurrency into yen.

www.asahi.com/ajw/articles/14479613

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