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News
South Korea tax agency opens bidding for crypto tracing tool
TL;DR
South Korea's National Tax Service has opened a tender for a crypto tracing tool to enhance tax evasion enforcement, with a budget of approximately $99,500. Bids are accepted from April 28 to April 30, and the software aims to monitor transactions and investigate hidden assets.
Key points
- South Korea's National Tax Service is seeking a crypto tracing tool
- Budget for the project is approximately $99,500
- Bid submissions are from April 28 to April 30
- Software will monitor transactions and investigate tax evasion
- Part of broader plans for a crypto tax rollout in 2027
South Korea’s National Tax Service (NTS) has opened a tender for software licenses to track virtual asset transactions as part of tax evasion enforcement, according to a government procurement notice.
The notice said the contract is for “virtual asset tax evasion response transaction-tracking software licenses,” with a budget of 146.5 million won (around $99,500), including value-added tax and delivery due within 30 days of contract signing. Bid submissions are scheduled for April 28 to April 30, with proposal evaluation set for May 7.
The procurement notice itself gives limited detail on the software’s technical scope. However, citing an official from the NTS scientific investigation unit, local outlet ZDNet Korea reported that the software would allow officials to monitor crypto transactions in real time, visualize transfers between specific wallet addresses and exchanges, and support probes into hidden assets, offshore tax evasion and unreported inheritance or gift transfers.
The tender follows earlier local reporting that South Korea was preparing a broader AI-based crypto monitoring system ahead of the country’s planned 2027 tax rollout.
South Korea expands enforcement capabilities ahead of crypto tax rollout
The tax agency’s push for a crypto monitoring tool appears to be part of a broader effort to expand enforcement capabilities as the country prepares for an upcoming rollout of a crypto tax.
On March 12, local media The Korea Times reported that the NTS opened a bid for an AI-backed system to analyze crypto transaction data. The agency reportedly aims to establish a platform that can process large volumes of crypto trading data to monitor potential tax evasion.
Related: Bank of Korea governor backs CBDCs, deposit tokens in first address
South Korea’s crypto tax rollout is currently expected to take effect in January 2027 after several delays. Under the policy, gains above 2.5 million won (about $1,700) would be subject to a combined 22% levy, made up of a 20% income tax and an additional 2% local tax.
Q&A
What is the budget for the crypto tracing tool tender in South Korea?
The budget for the crypto tracing tool tender is 146.5 million won, which is around $99,500.
When are the bid submissions for the crypto tracing software due?
Bid submissions for the crypto tracing software are scheduled from April 28 to April 30.
What capabilities will the new crypto tracing software provide?
The software will allow officials to monitor crypto transactions in real time, visualize transfers between wallet addresses and exchanges, and support investigations into hidden assets and offshore tax evasion.
