South Korea has announced a groundbreaking initiative to share cryptocurrency transaction data internationally, aiming to combat tax evasion and enhance transparency in the virtual asset market. Under its Crypto-Asset Reporting Framework (CARF), South Korea will report foreign nationals’ crypto trades on local platforms like Upbit and Bithumb to their respective home countries. This collaborative system is designed to automatically exchange information annually between 48 nations, including the UK, Germany, and Japan. CARF aims to tackle offshore tax evasion and improve transparency in virtual assets. The government will also share data on Korean residents trading on overseas exchanges with the National Tax Service (NTS). Notably, the agreement outlines that data exchange can only occur if both countries agree to reciprocate. Data collection is set to begin in 2026, with full-scale exchange anticipated for 2027.