China Crypto Investors Hide Land Deals in Japan: Asahi

Tokyo tax authorities have 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 Beijing, the Asahi Shimbun reported.

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.

The company had annual sales of only about 10 million yen, but tax officials discovered huge amounts of cash going in and out of its accounts, sources said. One of the accounts was with an exchange that converted cryptocurrency into yen.

Read the full report: Asahi Shimbun

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George Russell

George Russell is a freelance writer and editor based in Hong Kong who has lived in Asia since 1996. His work has been published in the Financial Times, The Wall Street Journal, Bloomberg, New York Post, Variety, Forbes and the South China Morning Post.