TechFlow News, March 12: According to the Korea Times, South Korea’s National Tax Service (NTS) announced preparations to launch construction of a virtual asset transaction tracking system, aligning with the government’s expansionary fiscal policy and revenue-raising objectives. The system aims to implement systematic tax administration on cryptocurrency investment gains. With an estimated project cost of approximately 3 billion KRW (about USD 2.02 million), the tender was publicly issued on Korea’s Electronic Bidding System for Public Procurement; the winning bidder is expected to sign the contract by the end of this month.
Per the plan, system design will commence in April, followed by a pilot operation phase beginning in November, and official launch between November and December. The NTS stated that the system is expected to begin collecting individual virtual asset transaction data starting in 2027.
Under South Korea’s current plan, virtual asset gains exceeding 2.5 million KRW will be subject to a comprehensive tax rate of 22% starting next January—comprising a 20% income tax and a 2% local income tax.
