Korea plans cryptocurrency management system to prepare for tax evasion: Report

Local media reported that Korea plans to establish a cryptocurrency-centered asset management system by 2025 to prevent tax evasion.

National Tax Service selects GTIC as the lead company for system construction during preliminary consultation process reported On Monday.

According to the report, the system is expected to facilitate the analysis and management of information collected by cryptocurrency trading platforms, which are required to store users’ cryptocurrency transaction details.

The country’s cryptocurrency income tax is scheduled to go into effect in January 2025, after being delayed from its original schedule of January 1, 2023.

Last January in Korea Financial regulators repeat Prohibits financial institutions from restricting the launch of any type of cryptocurrency exchange-traded fund (ETF). Domestic investors are restricted from investing in spot cryptocurrency ETFs, but foreign cryptocurrency futures products are still available.

The National Tax Service did not immediately respond to The Block’s request for further comment.

Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.