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South Korea Signs OECD Crypto Reporting Agreement, Eyes 2027 for Implementation

Author: Content Editor
South Korea has signed the Crypto Asset Reporting Framework Multilateral Competent Authority Agreement (CARF MCAA) at the 17th OECD Global Forum. This agreement allows member nations to exchange information on crypto asset transactions through an automatic channel developed by the OECD and the G20. South Korea plans to amend its local crypto laws and review domestic laws to increase transparency in tax sources related to crypto assets. The Korea Digital Asset Service Provider Association has called for a postponement of implementing the crypto asset income tax until 2027, citing the new agreement's potential to properly track transactions and avoid regulatory complications. This move reflects the global trend of increasing government involvement in crypto regulations.

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