South Korea tax agency to build 100-blockchain tracking network ahead of crypto tax

South Korea’s National Tax Service is accelerating the buildout of a transaction-tracking network ahead of virtual asset taxation next year, Seoul Economy reported in an exclusive. According to the report, citing financial industry sources on Oct. 2, the National Tax Service plans to equip its integrated virtual asset analysis system, which is being built by the end of this year, with a function that can automatically trace transactions across more than 100 blockchains. The agency also plans to track mixing transactions designed to obscure fund flows by blending multiple users’ cryptocurrencies. In addition, it plans to add features that can reverse-analyze mixed transactions and automatically detect suspicious activity, including splitting crypto across multiple wallets or moving it repeatedly.