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South Korea Joins Global Community for Crypto Asset Reporting Framework Push

South Korea has joined a group of 48 nations in endorsing the Crypto-Asset Reporting Framework (CARF), calling for the promotion of an international framework for cryptocurrency reporting. The CARF, established in August 2022 with approval from the Organization for Economic Cooperation and Development (OECD), aims to facilitate the automatic exchange of tax information on crypto asset transactions in a standardized manner. The framework emphasizes the significance of addressing tax implications and increasing transparency in the emerging asset class. A coalition of 20 countries has expressed support for advancing the framework, with a target implementation year of 2027.

The group of 48 nations, including South Korea, released a joint statement on Friday, emphasizing the need for timely tax compliance and the prevention of tax evasion. The statement outlined their commitment to swiftly incorporating the Crypto-Asset Reporting Framework (CARF) into domestic law and activating exchange agreements in time for exchanges to commence by 2027, subject to national legislative procedures.

The consortium encouraged more jurisdictions to join the scheme to strengthen the global system of automatic information exchange, leaving no hiding places for tax evasion. To ensure consistency and smooth implementation, signatory jurisdictions will implement amendments to the standard as agreed by the OECD, aligning with the timeline and national legislative procedures.

Global Cryptoasset Reporting Rule – A Positive Step

The OECD initially published a public consultation document in March 2022, focusing on a global tax transparency framework for crypto asset reporting. This document also proposed amendments to the common reporting standard for the automatic exchange of information on financial accounts between countries.

Alfredo Collosa, a consultant in tax administration at the Inter-American Center of Tax Administrations, expressed support for this initiative, stating, “It is a good initiative to implement an international exchange regime for transactions involving cryptoassets.” He emphasized that failure to implement such a framework would introduce complexity for crypto asset service providers and taxpayers, leading to increased tax compliance costs.

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I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

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