Korean tax authority initiates audits on crypto exchanges Upbit and Korbit

South Korea's National Tax Service (NTS) has begun tax audits on the crypto exchanges Upbit and Korbit, according to The Bell. The agency conducted on-site inspections at both exchanges to collect the essential documents needed for the audits. The NTS' International Taxation Bureau, a division focused on companies with significant international transactions, is handling the investigation, targeting issues such as offshore tax evasion and financial flows.