331 largest taxpayers of Japan filed income from cryptocurrency operations, with overall number of largest taxpayers with income exceeding 100 million yen amounting to 549.

The National Taxation Agency of Japan for the first time published the information on income declarations related to cryptocurrency transactions.

It shows that more than 60% of taxpayers with income from 100 million yen (about $914,000) received a part of their profit from cryptocurrency trades or investments.

According to the local news portal Jiji Press, 21.98 million people filed income tax for the year 2017. The number of taxpayers with income over 100 million yen was 549, while 331 of them received part of their income from operations with cryptocurrencies.

Overall, Japan's total income reported for all taxpayers was $ 379 billion (+3.4% compared to 2017), and tax payments totaled $28 billion (+4.6% YoY), which is the highest in the last 10 years.

In Japan, the profit from cryptocurrency transactions falls into the category of "miscellaneous income" and is taxed if earnings overtop 200,000 yen (about $1,828). The tax is calculated on a progressive scale. The minimum is 5% (with earnings of $17,823 or less), the maximum is set at 45% (with earnings of $365,600). Additionally, profit is also subject to a residential tax of 10%, so the total maximum amount of taxes may reach 55%.