The National Tax Service has launched a tender to build monitoring software.
South Korea’s National Tax Service (NTS) has announced a tender to develop software for monitoring cryptocurrency transactions. The system will track operations in real time, including those passing through non-custodial wallets.
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Launch is scheduled for summer 2026.
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What We Know About NTS Plans
The agency plans to analyze not only exchange transactions but also transactions involving self-custodial wallets such as MetaMask and Phantom. The software will identify links between wallets and exchanges, trace transaction chains across different blockchain networks, and cross-reference data with taxpayer records.
The main goal is combating tax evasion. The system will help uncover hidden assets, undeclared income, capital outflow schemes, and transactions through crypto mixers—services that blend cryptocurrency flows to conceal their origin.
The NTS noted that existing tools are already in use, but the scale of evasion continues to grow.
Related: South Korea Plans to Regulate RWA and Stablecoins Under Existing Financial Laws
Technical Capabilities and Tasks
According to the technical specifications, the new software will be able to:
- Analyze transaction chains across different blockchains
- Identify interactions between cold wallets and regulated exchanges
- Detect hidden assets not reflected in tax declarations
- Reduce investigation time for illicit fund movements
The agency emphasized that non-custodial wallets create additional control challenges because they offer a higher level of anonymity compared to accounts on centralized platforms.
Context: Capital Outflow and Regulatory Restrictions
According to South Korea’s Financial Services Commission (FSC), approximately 90 trillion won (roughly $60 billion) was withdrawn from local crypto exchanges to foreign platforms and private wallets in the second half of 2025. The regulator suggested a significant portion of these transfers related to arbitrage and similar operations.
Read more: Bank of Korea Proposes Circuit Breakers on Crypto Exchanges After Bithumb Error
Major foreign exchanges such as Binance, Bybit, and OKX are not registered in South Korea due to the complex registration process. In late January, Google Play restricted access to foreign crypto service apps. They can no longer be downloaded or updated within the country.
The NTS stated that when undeclared cryptocurrency is uncovered, tax evaders may face measures including bank account freezes to restrict deposits and withdrawals.
Bank of Korea’s Position on Digital Finance
In his first public speech since taking office, new Bank of Korea (BoK) Governor Shin Hyun-song expressed support for blockchain-based innovation. The central bank plans to expand the use of central bank digital currency (CBDC) and tokenized deposits as part of the second phase of the Hangang project.
Additionally, BoK intends to participate in international initiatives, including the Bank for International Settlements’ Project Agora, to strengthen the South Korean won’s position in the global digital payment system.
Notably, Shin’s speech did not mention stablecoins. The bill to issue won-pegged stablecoins remains stalled. Regulators and lawmakers disagree on whether issuance should be limited to commercial banks or opened to fintech and technology companies.
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