PANews|May 11, 2026 05:28
[South Korea's National Tax Service Developing AI System to Track Cryptocurrency Transactions and Crack Down on Tax Evaders]
According to Cryptopolitan, South Korea's National Tax Service is building an AI system with an estimated cost of approximately $2.2 million to track cryptocurrency transactions and crack down on tax evaders. The system is expected to be completed by the end of 2026. It will integrate exchange transaction records with blockchain data to identify suspicious activities such as money laundering, undeclared gifts, and offshore tax evasion, and will expand its tracking scope to include non-custodial wallets. The National Tax Service is coordinating implementation details with five major exchanges, including Upbit and Bithumb, with the final tax guidelines expected to be released by the end of 2026.
A study by South Korea's Financial Services Commission revealed that the country has verified over 11 million cryptocurrency investors, but the growth rate has significantly slowed. The growth rate of tradable accounts dropped from 25% in the first half of 2024 to 3% in the second half.
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