South Korea’s Ministry of Economy and Finance has issued an administrative notice on proposed amendments tied to the Crypto-Asset Reporting Framework, or CARF. Under the proposal, Korean crypto-asset service providers would be required to retain for six years the addresses involved in transactions with external personal wallets and overseas wallets. The draft also brings certain crypto payment activity into the reporting net: when crypto assets are used to purchase goods or services and a single transaction reaches $50,000 or more, both the receiving merchant and the paying customer would become subject to reporting. The changes are intended to align South Korea’s rules with the Organisation for Economic Co-operation and Development’s CARF, which is set to take effect on Jan. 1, 2027. South Korea has also identified 55 participating jurisdictions, including the United Kingdom, Japan, Switzerland, the Cayman Islands and the United Arab Emirates. The United States, for now, is taking part in information exchange through a bilateral agreement route, according to Edaily.
South Korea’s Ministry of Economy and Finance has issued an administrative notice on proposed amendments related to the Crypto-Asset Reporting Framework, or CARF, according to Edaily.
The proposal would require Korean crypto-asset service providers to keep for six years the addresses involved in transactions with external personal wallets, overseas wallets and similar addresses.
It also sets a reporting threshold for crypto payments used to buy goods or services. If a single transaction reaches $50,000 or more, both the receiving merchant and the paying customer would fall within the reporting scope.
The changes are meant to align with the Organisation for Economic Co-operation and Development’s CARF, which is scheduled to take effect on Jan. 1, 2027.
South Korea has also confirmed 55 participating jurisdictions, including the United Kingdom, Japan, Switzerland, the Cayman Islands and the United Arab Emirates. The United States is, for now, participating in information exchange through a bilateral agreement route.
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