South Korea has signed the OECD agreement on crypto reporting among member countries. The country's Ministry of Economy and Finance announced on November 27 that it officially signed the Multilateral Competent Authority Agreement on Crypto-Asset Reporting Framework (CARF MCAA) at the 17th Global Forum of the OECD.
Signatories of CARF MCAA will exchange information on transactions involving crypto assets through an automated channel developed by the OECD in collaboration with the G20. As a member of the OECD, South Korea has fulfilled its role in the agreement and plans to amend its local cryptocurrency laws.
A representative of South Korea's Ministry of Economy and Finance stated that the country plans to review its internal legislation, enter into individual agreements, and begin exchanging data on transactions involving crypto assets by 2027. This process will enable the government to obtain information about transactions with crypto assets, enhancing the transparency of tax sources related to crypto assets.
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A prominent South Korean politician, Jin Seon-jun, emphasized the challenges of tracking cryptocurrency transactions on foreign exchanges within the current system.
