⚡️South Korea 🇰🇷 to share cryptocurrency transaction data worldwide

⚡️South Korea 🇰🇷 to share cryptocurrency transaction data worldwide

South Korea has officially joined the reporting system of the Organisation for Economic Co-operation and Development (OECD) in the field of cryptocurrencies. The country’s Ministry of Economy and Finance has already signed the corresponding agreement.

▶️Context: in November 2023, South Korea joined a group of 48 countries that implemented the international reporting system for digital assets (CARF).

▶️Scope: the system aims to facilitate the automatic exchange of tax information on cryptocurrency transactions in a standardized format. While the full structure will become operational in 2027, starting next year South Korean crypto operators (crypto exchanges such as Upbit and Bithumb) will be required to provide personal data and transaction details of residents of partner countries.

⚠️Investors should expect a significant tightening of measures against anonymous trading. In the short term, this is likely to result in a decline in trading volumes due to user outflow.

⚠️In addition, the transaction history of local investors on foreign exchanges will be shared with the South Korean tax authority.

#news #crypto #Asia

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