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The South Korean tax authority is creating a system to oversee cryptocurrency transactions., 2026/04/21 13:11:18
The National Tax Service of South Korea (NTS) has commenced the development of software aimed at monitoring cryptocurrency transactions, including those conducted through non-custodial wallets. The system is expected to be launched in the summer.
The agency has already issued a tender for the creation of the relevant software, which will enable real-time tracking of transactions and connections between wallets and exchanges. Special attention will be given to identifying hidden assets, undeclared income, and capital withdrawal schemes, including transactions involving mixers.
The tax authority clarified that the need for such a tool arises from the challenges in identifying the owners of non-custodial wallets that operate outside centralized platforms.
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Unlike exchange accounts, these wallets provide a higher level of anonymity, as users manage their private keys, complicating oversight efforts. According to the technical specifications, the software’s functionality will include:
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analysis of transaction chains across various blockchain networks;
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matching transfer data with the existing taxpayer database;
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detection of hidden assets that have not been declared in accordance with regulations;
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monitoring interactions between cold wallets and regulated exchanges.
The implementation of the system is expected to significantly reduce the time required for investigations related to the illegal movement of funds using cryptocurrency tools, the agency reported.
Previously, the Financial Services Commission of South Korea (FSC) indicated that in the second half of last year, 90 trillion won (approximately $60 billion) was withdrawn from South Korean cryptocurrency exchanges to foreign platforms and private crypto wallets.
