South Korean tax agency to build AI system for crypto tracking

South Korea's National Tax Service (NTS) plans to build an AI-powered 'Virtual Asset Integrated Analysis System' to track the country's 8 billion annual cryptocurrency transactions, the Maeil Business Newspaper reported. The NTS is expected to commission a research project for the system's construction soon. This initiative aims to systematically analyze transaction data to prevent tax evasion ahead of the implementation of virtual asset taxation and mandatory data submission by exchanges starting next year.