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South Korea will share cryptocurrency trading information starting next year, with data of overseas investors included in the supervision of the National Tax Service.
BlockBeats News, September 2nd, according to South Korean media reports, the South Korean government will start from next year, based on the Common Reporting Standard for Crypto-Asset Financial Account Information (CARF), promote domestic cryptocurrency exchanges to share transaction information with foreign (non-resident) investors, while transaction details of domestic investors on foreign exchanges will also be reported to the National Tax Service. Tax authorities of each country will have access to their domestic investors' overseas transaction information through the OECD system. Although the official start date for information sharing is in 2027, transaction data from next year has already been included in the sharing and reporting scope.
The National Tax Service of South Korea has stipulated that overseas financial accounts holding stocks, deposits, or cryptocurrency totaling over 500 million Korean won need to be declared voluntarily. The amount of overseas cryptocurrency declared this year has reached 11.1 trillion Korean won. According to CARF, all overseas cryptocurrency transaction data will be shared with tax authorities regardless of the amount. A relevant official from the Ministry of Finance stated that this is an international agreement arrangement, unrelated to whether domestic cryptocurrency assets are taxed, and domestic taxation policy will still be postponed until 2027.
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