South Korea has agreed to share information on cryptocurrency transactions with over 40 countries, joining a global effort spearheaded by the OECD’s Crypto-Asset Reporting Framework. The agreement will require crypto service providers (CASPs) to submit user tax residency details and identification numbers to the system beginning next year. This move comes as part of South Korea’s initiative to strengthen tax monitoring on cryptocurrency transactions within its borders. 2027 marks the official implementation date for this framework, where both domestic and foreign investors will be required to report their crypto transaction history to local tax authorities. This data sharing agreement is only triggered when other participating countries agree to reciprocate with similar information exchange. The South Korean government aims to combat crypto-related tax evasion by enhancing transparency in the global cryptocurrency market. As a result of this initiative, the country anticipates increased efficiency in addressing fraudulent activities and money laundering. These changes are intended to better align with the nation’s recently enacted Crypto Tax bill, which was postponed twice to enhance clarity on the regulatory landscape for cryptocurrencies.