On November 10, Korea participated in a joint statement with 48 countries and other jurisdictions, including France, Germany, Japan, the UK, and the US, to promote implementing the Crypto-Asset Reporting Framework (CARF).
The joint statement aims for the widespread implementation of the CARF to secure its effectiveness. It acknowledges the endeavors and determination of the participating countries to execute the framework, including domestic legal adjustments and activation of agreements by 2027, which is when the OECD aims to commence the automatic exchange of information. It also intends to push for other countries and jurisdictions to actively join efforts.
By expressing commitment to international cooperation to clamp down on offshore tax evasion related to cryptographic assets, Korea is expected to make a meaningful contribution to widespread adoption of the CARF. The Korean government plans to actively pursue necessary measures for the timely implementation of information exchange on crypto-asset transactions while continuing international cooperation to prevent offshore tax evasion and to secure tax transparency.