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The South Korean National Tax Service will track non-custodial wallets to combat tax evasion.

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PANews
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10 hours ago
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PANews April 21 news, according to DigitalToday reports, the South Korean National Tax Service has issued a tender announcement for "virtual asset tax evasion response transaction tracking software," introducing virtual asset analysis platforms from Chainalysis and TRM Labs to monitor virtual asset transaction records in real time and visualize the transaction flow between specific wallet addresses and exchanges. The National Tax Service will use this to track hidden virtual assets of suspected tax evaders and identify behaviors such as disguised inheritance, gifting, and offshore tax evasion using virtual assets. The National Tax Service stated that the software can track about 70 million types of virtual assets, analyze 45 blockchain networks, and identify "mixing" techniques used for money laundering. In addition, the National Tax Service claims it can track non-custodial wallets like MetaMask and Phantom, identifying wallet ownership and held assets to a certain extent. The National Tax Service plans to select a supplier in May, complete system construction in June, and officially launch in July.

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