The South Korean National Tax Agency will introduce a business tracking program to strengthen the supervision of virtual asset taxation

According to Digitalasset, the South Korean National Tax Agency plans to introduce a commercial tracking program to track and analyze the flow of funds between digital asset wallets, in order to strengthen tax supervision of personal wallets and virtual assets on overseas exchanges. The South Korean government has stated that personal wallets and digital assets held on overseas exchanges are subject to taxation as long as they generate income from transfer or lending. Overseas exchanges will respond through the Automated Information Exchange Framework for Cryptocurrency (CARF).