Summary
- South Korea’s National Tax Service has formally begun work on an integrated crypto-asset analysis system.
- The system will integrate and analyze crypto transaction information and blockchain data to strengthen the agency’s ability to track tax evasion and money laundering.
- The NTS expects AI-based detection of suspicious transactions and visualization of fund flows between wallets to expand its analysis to include non-custodial wallet transactions.
Forecast Trend Report by Period
South Korea’s National Tax Service has begun building an integrated crypto-asset analysis system to bolster efforts against tax evasion and money laundering involving virtual assets.
The NTS held a plaque-unveiling ceremony and launch event for the project on May 8 at the information center of the Seoul Regional Tax Office, Electronic Times reported on May 10. The project is scheduled to run through the end of 2026 with a total budget of about $2.2 million.
The agency plans to use the system to integrate and analyze crypto transaction information and blockchain data. It will also introduce AI-based detection of suspicious transactions to strengthen its ability to trace illegal activity, including money laundering, irregular gifting and offshore tax evasion.
The system will also include tools to visualize crypto transaction flows and the movement of funds between wallets. The NTS expects that to expand its analysis to cover non-custodial wallet transactions, which have been difficult to identify using tax records alone.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
