South Korea Plans to Include Crypto Payments Above $50,000 in Reporting Scope, Requiring Crypto Exchanges to Retain External Wallet Addresses for 6 Years

Odaily News: South Korea's Ministry of Economy and Finance recently issued a preliminary administrative notice of proposed amendments to CARF-related regulations, which would require South Korean crypto asset service providers to retain addresses of external personal wallets, overseas wallets, and other addresses involved in transactions for 6 years. For transactions using crypto assets to purchase goods or services, when a single transaction reaches $50,000 or more, both the receiving merchant and the paying customer will be included in the reporting scope.The adjustments are intended to align with the implementation of the OECD Crypto-Asset Reporting Framework (CARF) on January 1, 2027. South Korea has also identified 55 participating jurisdictions, including the United Kingdom, Japan, Switzerland, the Cayman Islands, and the UAE, among others; the United States is currently participating in information exchange through a bilateral agreement pathway. (Edaily)