South Korea Initiates Virtual Asset Analysis System Development

South Korea's National Tax Service (NTS) has commenced the bidding process for a comprehensive virtual asset analysis system, valued at approximately $2.02 million. According to Foresight News, the system design is set to begin in April, with multiple rounds of testing leading to a trial phase in November. The system is expected to be fully operational between November and December. The NTS plans to utilize artificial intelligence and machine learning technologies to analyze and track unusual transaction types and patterns. South Korea intends to impose taxes on virtual asset gains starting January 2027, with a 22% tax rate applicable to amounts exceeding 2.5 million Korean won.