South Korea Enacts OECD Crypto Reporting Framework for Enhanced Transparency

South Korea is set to implement the OECD’s framework for reporting cryptocurrency transactions (CARF) in 2024, a move aimed at enhancing international tax transparency and combating offshore evasion. The framework allows exchange of data on foreign investors buying or selling crypto assets on Korean exchanges such as Upbit and Bithumb with other countries under the OECD reporting system. This will enable overseas tax authorities to obtain information about Koreans trading on platforms abroad.