The National Tax Service of South Korea has launched a public tender to build an advanced monitoring platform. The project has a budget of approximately $2 million and aims to introduce advanced technology for the agency's digital asset regulation. The winning company is expected to begin the design phase soon, with a pilot planned for November and full launch scheduled for December 2026.
Officials stated that the tracking system will utilize machine learning technology to identify irregular or suspicious activities in cryptocurrency transactions. Collaboration with the Korea Customs Service and the Bank of Korea will enhance information sharing and improve the government's ability to identify potential tax evasion.
New Cryptocurrency Tax System to Launch in 2027
The government has determined that from January 1, 2027, profits from virtual assets will be taxed. Any profit exceeding 2.5 million KRW will face a comprehensive tax rate of 22%, including national and local taxes. The National Tax Service emphasized that the future platform will help ensure accurate reporting and prevent underreporting as the virtual economy develops.
Coinbase Responds to US Stablecoin Exemption Allegations
Meanwhile, discussions around cryptocurrency taxation in the United States are intensifying. Legislators are debating whether to provide tax exemptions for small digital currency payments, raising concerns among industry participants about the preferred approach. Financial services and payment company Block has been advocating for broader exemptions, encouraging regulators to treat Bitcoin as foreign currency for small transactions.
Coinbase's Chief Policy Officer Faryar Shirzad dismissed these allegations as completely false. He stated directly that Coinbase has never opposed the adoption of Bitcoin and does not support any legislative efforts that could disadvantage Bitcoin.
Faryar Shirzad explained that the company has “never lobbied against Bitcoin” and expressed that Coinbase is committed to expanding the adoption of the digital currency while supporting a fair industry tax framework.
A representative from Block noted that legislators now seem inclined to limit tax exemptions to stablecoins. Blockstream CEO Adam Back pointed out that stablecoins typically do not generate significant taxable gains for most retail users and suggested extending similar treatment to Bitcoin to promote its use as a digital currency.