South Korea s Tax Agency Develops Cryptocurrency Transaction Monitoring System

The National Tax Service NTS of South Korea is developing software to monitor cryptocurrency transactions, including those conducted through non-custodial wallets. The system is set to launch in the summer.
The agency has already announced a tender for the development of the 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 outflow schemes, including operations using mixers.
The NTS clarified that the need for such a tool arises from the challenges in identifying the owners of non-custodial wallets, which operate outside centralized platforms. Unlike exchange accounts, these wallets provide a higher level of anonymity as users store their private keys themselves, complicating oversight.