- South Korea officially joins OECD’s crypto-asset reporting framework (CARF) after signing the Multilateral Competent Authority Agreement (MCAA) with 48 other nations.
- Starting in 2026, local exchanges like Upbit and Bithumb will begin collecting data on both foreign and domestic investors.
- The data-sharing framework is aimed at enhancing transparency in cryptocurrency markets and improving compliance.
South Korea has officially committed to sharing cryptocurrency transaction data under the OECD’s Crypto-Asset Reporting Framework (CARF), according to local media reports. The move will reinforce its efforts against offshore tax evasion and boost digital asset transparency. In November 2023, the Ministry of Economy and Finance signed onto CARF, joining 48 countries in this comprehensive data-exchange initiative.
Data collection to begin in 2026
Beginning next year, South Korea’s crypto exchanges like Upbit and Bithumb will collect transaction and personal data from foreign investors. Moreover, the trading activity of Korean residents on overseas exchanges will also be reported directly to the National Tax Service. The country said that they are committed to having full reciprocal data exchange with other participating countries by 2027.
The government plans to issue detailed administrative regulations this month to guide implementation. As one ministry official noted, “The purpose is to establish detailed regulations for implementing the Virtual Asset Information Exchange Agreement.”
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Enhancing transparency in cryptocurrency markets
South Korea’s crypto landscape is among the most active globally. About 9 million or 20 percent of the population are engaged with cryptocurrencies. The market reached record transaction volumes in 2025, placing it as the second-largest in Korean Won terms.
Joining CARF marks the latest in a series of measures aimed at stabilizing and legitimizing one of the world’s most dynamic crypto markets. By capturing both inbound and outbound transaction data, authorities can better detect and deter tax evasion, money laundering, and related illicit activities.
