The post South Korea to Join Global Crypto Reporting Framework appeared first on Coinpedia Fintech News
South Korea is poised to enhance oversight of the digital asset landscape by embracing the OECD’s Crypto-Asset Reporting Framework (CARF). This framework will facilitate the international exchange of cryptocurrency transaction details. Beginning in 2027, the financial activities of foreign investors trading on prominent South Korean exchanges, such as Upbit and Bithumb, will be reported to their respective home countries. Simultaneously, the crypto trading activities of South Korean residents conducted on overseas platforms will be disclosed to the National Tax Service in South Korea. Data sharing is slated to commence officially next year. This initiative aims to foster greater transparency and bolster tax compliance within the rapidly evolving cryptocurrency sector. This decision places South Korea in alignment with the growing global trend of cryptocurrency regulation.