South Korea to build crypto analysis system for tax enforcement next year

South Korea's National Tax Service (NTS) has begun building a virtual asset integrated analysis system to track taxpayer transaction flows by analyzing combined data from exchanges and blockchains, Decenter reported. The agency has posted a bid for the system's construction on the Public Procurement Service's online portal. The NTS plans to begin full-scale operation of the system next January, coinciding with the scheduled start of cryptocurrency taxation, following a period of integrated testing and pilot operations.