South Korea's tax agency to build crypto tracking system

South Korea's National Tax Service (NTS) has begun building a dedicated IT system to track and analyze virtual asset transactions, Aju Business Daily reported. The Seoul Regional Tax Office's Information Center and Nanal SMI recently held a ceremony to officially launch the project group for the system's construction. In addition to collecting data, the system will be designed to analyze and verify transaction flows suspected of tax evasion, such as money laundering and undeclared inheritances or gifts. It will also use AI machine learning and statistical methods to proactively detect unusual transaction patterns and users.