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)