South Korea
Digital Asset
Finance Ministry: Crypto CARF and Specific Financial Information Act Have Different Purposes, Standards; Must Minimize Confusion
- The Specific Financial Information Act is aimed at regulating money laundering and terrorist financing, while CARF is aimed at improving international tax transparency for crypto assets.
- Because the two frameworks rest on different international norms, the government expects some degree of divergence in how they apply to crypto-asset reporting.
- Officials stressed the need to review measures that ensure regulatory consistency between CARF and the Specific Financial Information Act to reduce confusion in practical enforcement.