South Korea's National Tax Service Launches Virtual Asset Transaction Tracking System Construction, Paving the Way for 2027 Taxation

The system construction comes ahead of the government's plan to begin taxing virtual asset profits starting in January of next year. According to the announcement, the National Tax Service has launched a bidding process for the construction of the "Virtual Asset Transaction Analysis and Comprehensive System" project. The project was posted by the Public Procurement Service, which is responsible for government and public institution procurement, on its e-bidding platform, with a budget of 3 billion Korean won (approximately $2.02 million). According to the plan, the winning bidder will be selected and sign a contract within this month, system design will begin in April, and after multiple rounds of testing, the system will enter the trial operation phase in November, with an expected official launch by year-end.

The National Tax Service stated that the system will begin collecting individual virtual asset transaction data starting from 2027. Through systematic management and analysis of massive transaction information, it will more effectively identify tax evasion behaviors, including identifying hidden income of tax delinquents through tax audits.