At the 17th OECD Global Forum* held in Asuncion, Paraguay (November 26-28), delegations from 48 countries, including Germany, Japan, and France, officially signed the Multilateral Competent Authority Agreement on Automatic Exchange of Information pursuant to the Crypto-Asset Reporting Framework (CARF MCAA).
* An OECD subsidiary body established in September 2009 to promote the implementation of international standards for tax transparency and the exchange of tax information.
A delegation from the Ministry of Economy and Finance (MOEF), led by Director General for International Tax, Park Hong-ki, attended the CARF MCAA signing ceremony to sign the agreement on behalf of Korea.
The CARF MCAA is an agreement among relevant authorities based on the Multilateral Convention on Mutual Administrative Assistance in Tax Matters, which Korea signed in 2010 (effective in 2012). It specifies detailed provisions for the automatic exchange of information on crypto-assets among countries.
Under this agreement, signatory countries will annually exchange information on crypto-asset transactions of residents from partner jurisdictions, in accordance with the Crypto-Asset Reporting Framework (CARF) developed by the OECD in collaboration with G20 nations.
With the signing of this agreement, the National Tax Service (NTS) of Korea will gain access to information on crypto-asset transactions conducted by domestic residents through crypto-asset operators located in signatory countries. This is expected to enhance transparency in income derived from crypto-assets and support tax authorities in tracking offshore tax evasion.
The actual exchange of information among countries will begin after individual agreements are established among the signatory nations. MOEF plans to amend and enact relevant domestic laws and pursue individual agreements with other signatory countries, aiming to initiate the mutual exchange of crypto-asset transaction information by 2027.
Please refer to the attached files.
