South Korea Embraces CARF to Enhance Tax Transparency

South Korea has taken another significant step in its crypto regulatory initiatives. The Ministry of Economy and Finance signed the Crypto Asset Reporting Framework Multilateral Competent Authority Agreement (CARF MCAA) on November 27th, amid the country’s crypto tax implementation plans. At the 17th Global Forum of the Organisation for Economic Co-operation and Development (OECD), South Korea adopted the framework to enhance tax transparency.

Notably, the CARF MCAA, established by the OECD in 2009, promotes international tax transparency through implementing standards for the exchange of tax-related information. While 48 countries, including South Korea, Germany, Japan, and France, signed the agreement, they will share crypto transaction data using a standardized framework developed by the OECD and G20.

Reportedly, South Korea plans to revise domestic laws and ink separate agreements to share crypto asset transaction data with other countries by 2027. This move is expected to enable the government easier access to crypto transaction data and tax-related activities.

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