PANews reported on September 2nd that the South Korean government will officially initiate practical procedures to share transaction information of foreign (non-resident) investors who trade Bitcoin and other cryptocurrencies on South Korean crypto exchanges such as Upbit and Bithumb with the rest of the world. It is reported that the transaction records of South Korean investors trading on overseas crypto exchanges will also be shared with the National Tax Service next year.

South Korea's Ministry of Strategy and Finance plans to issue an administrative notice this month regarding the specific implementation regulations for the Crypto-Asset Automatic Exchange of Information (CARF) system, which is being promoted by global tax authorities. CARF is a system established by 48 major countries, including the UK, Germany, and Japan, to prevent offshore tax evasion through virtual assets and improve tax transparency. The system requires countries to automatically exchange virtual asset transaction information annually.