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South Korea is gearing up to launch a crypto-focused asset management system by 2025 to curb tax evasion, as reported by local news.
The National Tax Service has tapped GTIC as the lead company to construct the system, aiming to analyze and manage data from crypto trading platforms, ensuring compliance with the upcoming crypto gains tax set to begin in January 2025.
The move follows the ban on South Korean financial institutions from offering cryptocurrency exchange-traded funds (ETFs). The virtual asset integrated management system is designed to address rising concerns about illegal transactions tied to the anonymity of virtual assets, including money laundering and offshore tax evasion.
The initiative aligns with global trends, with the EU and the US also enacting regulations and tax reporting requirements for cryptocurrencies. The National Tax Service anticipates that the system will enhance transparency, combat tax evasion, and promote fair taxation in the rapidly growing virtual asset market.
The project is expected to issue a request for proposal and commence in 2025 after four months of consulting with GTIC.
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