The South Korean National Tax Service has announced a budget of 3 billion won (approximately 2.02 million USD) for a new system aimed at tracking cryptocurrency investment income. This initiative aims to impose taxes on virtual asset transactions.
System design will commence in April 2024, with trial operations by November 2024 and a full launch expected in late 2027. AI and machine learning will be employed to analyze transaction data, focusing on identifying anomalies.
From January 2025, any virtual asset income exceeding 2.5 million won will incur a comprehensive tax rate of 22%. The Tax Service will collaborate with various agencies to enhance data sharing on suspected violators.
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