PANews reported on March 11 that according to Digital Daily, the National Tax Service of South Korea plans to build a "virtual asset integrated management system". The system aims to effectively analyze and manage the collected information based on the mandatory submission of virtual asset transaction details. Previously, the National Tax Service selected GTIC as the lead company for the ISP project of the virtual asset integrated management system at the end of February and started a consulting project lasting about 4 months. Based on the results of the consultation, a proposal to build the system has been issued, and the system is scheduled to be opened in 2025.
Due to the anonymity and decentralization of virtual assets, illegal transactions such as money laundering, abnormal inheritance gifts, and offshore tax evasion are increasing, so a response system is needed, so the project is being promoted. At the same time, with the revision of the Corporate Tax Law and the Income Tax Law, virtual asset business operators need to submit transaction information, but there is no system to analyze and manage it. Therefore, the National Tax Service plans to prevent virtual asset tax evasion and achieve fair taxation by establishing a comprehensive virtual asset management system.