Japanese tax auditors have revealed that crypto owners and investors in the country have been under reporting their taxes.
According to research company Nikkei, some $12.6m has been under reported in due tax to the tax authorities in Japan.
The publication also establishes that ADA and Cardano crypto users are the least likely to report the full amounts owed in taxes.
ADA, which is the native token based on the Cardano blockchain, currently has a $70bn market capitalization that makes it one of the most significant crypto tokens available.
Investigators have been able to pinpoint the locations of investors who have been benefiting significantly from their ADA ownership, with most located in the Greater Tokyo Area and the cities of Nagano, Niigata, Gunma and Saitama.
This is quite interesting given that ADA was only introduced in the country this August but it has been one of the focal points of investors' interest.
Prior to introducing ADA in the country, many investors were opting for overseas exchanges such as Kraken and Binance to secure the currency.
According to investigators, individuals who under reported were either not clear on the correct way to do this or were intentionally trying to hide tax.