Add as a preferred source on GoogleSouth Korea Proposes Six-Year Wallet Record Rule for Crypto Exchanges
The proposal would also require reporting on crypto payments of $50,000 or more for goods and services as South Korea prepares for CARF implementation.
South Korea has proposed requiring crypto exchanges and other virtual asset service providers to retain external wallet addresses for six years, expanding compliance obligations ahead of a global tax-reporting framework.
The proposed amendments would cover personal wallets outside exchange platforms as well as overseas wallets involved in transactions. The records would need to remain available for six years.
The rules would also require reporting when crypto is used to buy goods or services in a transaction worth $50,000 or more. Both the merchant receiving the payment and the customer making it would fall within the reporting scope.
The changes are designed to align South Korea’s reporting rules with the Organisation for Economic Co-operation and Development’s Crypto-Asset Reporting Framework, which is scheduled to begin implementation Jan. 1, 2027.
South Korea has identified 55 participating jurisdictions, including the United Kingdom, Japan, Switzerland, the Cayman Islands and the United Arab Emirates. The United States is expected to participate through a bilateral information-exchange agreement.
Riza Dagoc
Riza Dagoc reports on regulation, investing and the digital-asset business for TokenPost. Send corrections or tips to info@tokenpost.com.