- South Korea’s tax service and police will begin monitoring non-payment of taxes and AI-powered cryptocurrency crimes.
- The “Integrated Virtual Asset Analysis System” will compare crypto exchange reports with tax returns and track the activity of non-custodial crypto wallets.
South Korean authorities are expanding their efforts to combat cryptocurrency-related financial crimes through closer cooperation between tax authorities and the police. The National Tax Service is currently developing an AI-based system for analyzing virtual assets, while the police are stepping up efforts to combat stablecoin laundering.
Authorities are also preparing for an increased flow of transaction data as virtual asset service providers begin reporting in-person transactions in 2027.
“Integrated System for Analysis of Virtual Assets” of the National Tax Service, according to communication Local media will develop the system by the end of the year. It is designed to collect, manage, and analyze information on virtual asset transactions, as well as blockchain transaction data.
In addition, the platform will aggregate materials provided by virtual asset service providers, including transaction statements and summary tables.
The system will also link external blockchain information with tax returns, tax records, and investigation data. Advanced analysis can cover transactions that are difficult to verify using existing tax records alone. This includes transactions in non-custodial wallets where users independently control assets.
At the same time, the police are stepping up measures against “money laundering operations” Tether”It is believed that these operations involve converting proceeds from criminal activity into Tether or USDT, before transferring funds abroad.
National Investigation Agency Director Park Seong-ju announced that the police will develop specialized training programs for investigating virtual asset transactions in collaboration with agencies such as the Financial Intelligence Unit. This will help investigators handle cases involving cryptocurrency fraud, gambling, and drugs.
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