CoinVoice has learned that the Ministry of Economy and Finance of South Korea announced the formal signing of the Multilateral Competent Authority Agreement on the Crypto-Asset Reporting Framework (CARF MCAA) at the 17th Global Forum of the Organisation for Economic Co-operation and Development (OECD).
The CARF MCAA is an institution established by the OECD in 2009, aimed at implementing standards for international tax transparency and the exchange of tax information. A total of 48 countries, including South Korea, Germany, Japan, and France, participated in this agreement. The signatory countries will exchange information on cryptocurrency transactions based on the automatic information exchange framework for cryptocurrency assets jointly developed by the OECD and the G20.
According to the agreement, the exchange of information between countries will be implemented through separate negotiations among the signatory countries. The Ministry of Economy and Finance plans to amend domestic laws to facilitate the exchange of information on cryptocurrency transactions starting in 2027 and promote the conclusion of individual agreements.
A relevant official from the Ministry of Economy and Finance stated: “Through this agreement, detailed information on cryptocurrency transactions can be obtained, which will help enhance the transparency of the tax base related to cryptocurrency income.” [Original link]