South Korea Plans to Include Crypto Payments Over $50,000 in Reporting Requirements
Prefer us on GoogleThe South Korean Ministry of Economy and Finance plans to require cryptocurrency service providers to retain records of external personal wallets and overseas wallet addresses for six years. When a single cryptocurrency transaction exceeds $50,000, both the receiving merchant and the paying customer must report it. This adjustment aims to align with the OECD's Crypto Asset Reporting Framework (CARF), which will be implemented on January 1, 2027. South Korea has identified 55 participating jurisdictions, including the UK, Japan, Switzerland, the Cayman Islands, and the UAE; the United States participates in information exchange through bilateral agreements.
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