National Tax Service Introduces Tracking Program to Block Tax Gaps for Personal Wallets
The National Tax Service (NTS) plans to introduce a tracking program used by investigative agencies to prevent tax gaps related to virtual assets stored in personal wallets. According to materials from Kim Sang-hoon, a member of the National Assembly from the People Power Party, the NTS announced that it would implement a commercial program to track the movement of digital asset wallets between domestic and foreign investigative agencies. This measure is proposed as a solution to the difficulty of knowing the scale of asset holdings or income in personal wallets without voluntary reporting. While the NTS acknowledges the practical limitations in comprehensively identifying unreported transaction information for personal wallet transactions, it explained that the introduction of the program aims to prevent tax gaps. The government has stated that digital assets stored in personal wallets are subject to taxation if income is generated. Additionally, regarding overseas exchanges, the NTS plans to implement the Crypto Asset Automatic Information Exchange Framework (CARF) to prevent tax gaps. Concerns have been raised that if the CARF implementation is delayed beyond 2027, tax gaps may occur. For example, Binance is operating in the UAE, which plans to implement CARF in 2028. The NTS has stated that it plans to exchange information related to digital asset income tax in line with the CARF implementation schedule.
-- Price
This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.
You may also like

Lazarus Wallet Moves Over $30 Million Through Hyperliquid

What is short selling? The trading minute

MUFG and Progmat Begin Proof-of-Concept for Tokenized Investment Trusts in Real Environment

Current Status Ahead of Litecoin's Next Halving

No Need to Switch Platforms or Move Funds: BiFu Allows Crypto Traders to Trade Gold and Forex Directly

AI Capital Could Shift to Bitcoin, Says CZ

CLARITY Act could advance within weeks, Atkins says

Saudi Arabia Confirms Death of Two Filipino Sailors in Iranian Attack on Oil Tanker

Wholesale Dollar Falls but Remains Above $1.510 as Market Anticipates Greater Pressures

Tracking Cryptocurrency May Be Included in Exporters' Currency Revenue Control

U.S. Treasury Market Trapped in Triple Storm of Inflation, Tightening, and Supply as Yields Surpass 4.8%

Weak ADP and Rising Treasuries: What Changes for Investors

Bitcoin Falls Below $77,000 as Rate Hike Expectations Remain Unchanged

New Rules for Electric Scooters and Fines for Drivers Introduced in Ukraine

Real Rates Under Pressure: The Scenario That Could Propel Bitcoin

SNDK Stock Trading Rewards: Share $100K on WEEX

NVDA, TSLA & AMD Trading Rewards: Share $100K on WEEX

Fogo mainnet back online after recovery of 237 million stolen tokens

What is open interest? The trading minute

Do AI Chip Earnings Move Bitcoin?

HuggingFace's 'AI Duck' Sells Out, Boosting Chinese Chip Supplier Rockchip

Bitcoin: What convinces Americans to buy BTC?

Dunamu Receives the 56th Customs Commissioner Award

G20 Evaluates Contribution of Digital Assets to Economic Growth and Improves Regulatory Framework

Fed Research Compares Wholesale CBDC Settlement With Tokenized Deposits

MIT Creates a Striatal Atlas to Seek Treatments for Huntington's and Addiction

CyberLeek Captures Fund Movement of $200,000 to $270,000

Russia's Largest Bank Accepts Bitcoin as Collateral Starting Today

Wholesale Dollar Rises at the Start of September, Surpassing $1,510 Again












