The first timeline for international crypto-asset transaction reporting and the records outside the schema

Reporting Crypto-Asset Service Providers must obtain self-certifications (statements of tax residence and taxpayer identification number) from existing users by December 31, 2026. Registration with the National Tax Service (NTS) is also due on that date. The first reporting is scheduled for April 2027, and the first exchange with partner jurisdictions by September of the same year. On the list published by the Organisation for Economic Co-operation and Development (OECD), as updated in September 2026, Korea is among the 46 jurisdictions with the earliest first exchanges.

A reporting framework of rules, agreements and an electronic schema

The OECD's Crypto-Asset Reporting Framework (CARF) has three parts: rules and commentary to be transposed into domestic law, a multilateral agreement between authorities and its commentary, and an electronic format for the information (XML schema). Korea's implementing regulation, issued as a notice (administrative rule), has been in force since January 1, 2026.

Reporting covers transactions, not balances. Service providers report, aggregated by type of asset, exchanges for fiat currency or for other crypto-assets, and transfers (including payments of more than USD 50,000). Under the domestic notice, information is collected on customers resident outside Korea.

Verification records outside the schema

The schema has been set. The OECD electronic schema is intended for use in reporting by service providers as well, and the domestic notice also requires compliance with the XML preparation guidelines.

The facts entered in the schema come from the service provider's verification. Service providers must confirm the reasonableness of self-certifications using the information they hold. When they rely on KYC documentation already obtained for other purposes, they must also confirm that the documentation is reasonable. If circumstances change so that a self-certification can no longer be relied on (a change in circumstances), that self-certification ceases to be valid. Even if a new self-certification or documentation supporting the existing one has not been obtained, the user may be treated as having the same status as before the change in circumstances for up to 90 days. When obtaining a self-certification, the service provider must inform the user that a new self-certification must be submitted within 90 days if the information changes.

Self-certifications and supporting documents are retained for six years after the end of the reporting year. A corrected report filed to fix errors indicates the erroneous items, the corrections and the reasons for them. If a partner jurisdiction requests correction of an error, the NTS may assess whether the service provider has properly complied with its obligations. If the assessment confirms an error and the NTS requests correction, the service provider must correct the error, or explain that there is no error, within 30 days of the date the request is received.

The notice sets the retention period and the items to be indicated in corrected reports, but does not set the format in which service providers are to record verification judgments and change histories internally.

Where stablecoins fit: between crypto-assets and Specified Electronic Money Products

Crypto-assets under the CARF include stablecoins, but Specified Electronic Money Products are excluded from reporting. A stablecoin that meets five requirements, including being redeemable at par at any time at the holder's request as required by regulation, is treated as fiat currency. Korea's notice on the automatic exchange of financial account information was amended in December 2025 to include accounts that record and manage these products within the scope of depository accounts. Which side a won-denominated stablecoin falls on is tied to the redemption terms that the issuance regime will set. According to press reports, the proposed Digital Asset Basic Act (working title), where points of contention include who may issue won-denominated stablecoins, saw its September public hearing effectively called off because submission of the government bill was delayed.

Questions for the industry at each stage of the timeline

1. Before the December 2026 deadline: how much detail to record on the basis for judging the reasonableness of self-certifications using the information held
2. After the first reporting in April 2027: in what format to record the change histories needed to respond to corrected reports and requests for correction, and whether to use a common standard across service providers
3. When won-denominated stablecoins are brought into the regulatory framework: whether, depending on redemption terms, they lead to crypto-asset reporting or to the automatic exchange of financial account information, and whether to align the issuance regime with tax reporting standards

What remains is the verification and record-keeping behind the facts to be entered in the schema.