Quick Breakdown:
- South Korea signs on to OECD’s Crypto-Asset Reporting Framework (CARF).
- Global crypto transaction data sharing begins in 2026.
- First international data exchanges scheduled for 2027.
South Korea is advancing plans to exchange cryptocurrency transaction data with tax authorities worldwide, a move set to significantly expand oversight of digital assets. The Ministry of Economy and Finance confirmed on September 1 that it will soon issue detailed regulations for implementing the OECD’s Crypto-Asset Reporting Framework (CARF).
South Korea will join the OECD’s Crypto-Asset Reporting Framework (CARF), sharing foreign investors’ transactions on local exchanges like Upbit and Bithumb with other countries, while Korean residents’ overseas crypto trades will be reported to the National Tax Service. The…
— Wu Blockchain (@WuBlockchain) September 2, 2025
Global Data Exchange for Crypto
Adopted by 48 countries, including the UK, Germany, and Japan, CARF is designed to curb offshore tax evasion through the automatic exchange of crypto transaction data among national tax agencies. South Korea signed the Multilateral Competent Authority Agreement (MCAA) for CARF last November at the OECD Global Forum.
Starting in 2026, Korean exchanges such as Upbit and Bithumb will be required to report foreign users’ personal and transactional data to their respective tax authorities. In return, overseas exchanges will share Korean users’ crypto activity with the National Tax Service (NTS). The first data exchange will formally begin in 2027, covering transactions from 2026.
Expanded Oversight of Overseas Holdings
Currently, South Korean residents must self-report overseas financial accounts exceeding 500 million won, including digital assets. Reported overseas crypto holdings totaled 11.1 trillion won in 2025, up 700 billion from the previous year. With CARF in place, the NTS will gain visibility into all cross-border crypto transactions, regardless of amount, creating a far broader compliance net.
While South Korea has delayed the domestic taxation of crypto gains until 2027, other jurisdictions, such as the U.S. and Germany, have already introduced direct taxation regimes. The Finance Ministry emphasized that CARF focuses on information sharing rather than taxation itself; however, the framework highlights a global trend toward stricter crypto oversight.
Separately, the Financial Services Commission (FSC) has ordered all domestic exchanges to immediately suspend crypto lending services, citing risks to investor protection and market stability. The moratorium will remain in effect until the government finalizes a comprehensive regulatory framework for digital asset lending.
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