South Korea's National Tax Service Plans Virtual Asset Management System to Prevent Tax Evasion

According to Foresight News, South Korea's National Tax Service (NTS) is planning to build a virtual asset management system to prevent users from evading taxes using virtual assets and to achieve fair taxation. The NTS selected GTIC as the lead company for the virtual asset management system project at the end of February and initiated a consultation period of approximately four months. The system aims to effectively analyze and manage the information collected from mandatory submission of virtual asset transaction history records. Based on the consultation results, the system will distribute construction proposals and is planned to be operational by 2025.