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.
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