South Korea’s Tax-Chief Nominee Vows Crackdown on Crypto Tax Evasion
2025-07-15 16:46:03
Main Idea
South Korea’s nominee for Tax Commissioner, Lim Gwang-hyun, vows to crack down on crypto tax evasion and enhance monitoring of digital asset transactions to prevent tax avoidance and wealth outflow.
Key Points
1. Lim Gwang-hyun emphasized the need to monitor new forms of tax evasion and block the outflow of national wealth through stricter enforcement.
2. The OECD’s Crypto-Asset Reporting Framework (CARF) mandates automatic audit trails for tax authorities, with several G20 nations pledging to adopt it by 2027.
3. South Korea’s National Tax Service (NTS) is adopting AI and real-time tracking to improve tax enforcement in the crypto sector.
4. Centralized exchanges are increasingly required to report user data under anti-money laundering (AML) regulations and agreements like the Common Reporting Standard.
Description
Key Takeaways: Nominee Lim Gwang-hyun emphasized stricter enforcement of crypto tax rules during his confirmation hearing. South Korea is developing a system to monitor virtual asset transactions and apply AI for risk detection. The OECD’s Crypto-Asset Reporting Framework (CARF) shows global alignment, but gaps remain in regulatory consistency across jurisdictions. Lim Gwang-hyun, the nominee for South Korea ’s Commissioner of the National Tax Service (NTS), said he would strengthen oversight of...
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