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The South Korean Ministry of Economy and Finance signs the OECD Virtual Asset Information Exchange Agreement

ChainCatcher news, the South Korean Ministry of Economy and Finance announced that at the 17th Global Forum of the Organisation for Economic Co-operation and Development (OECD), the Multilateral Competent Authority Agreement on the Crypto-Asset Reporting Framework (CARF MCAA) was officially signed.The CARF MCAA is an institution established by the OECD in 2009, aimed at implementing standards for international tax transparency and the exchange of tax information. A total of 48 countries, including South Korea, Germany, Japan, and France, participated in this agreement. The signatory countries will exchange information on crypto-asset transactions based on the automatic information exchange framework for crypto-assets jointly developed by the OECD and the G20.According to the agreement, the exchange of information between countries will be implemented through separate negotiations among the signatory countries. The Ministry of Economy and Finance plans to amend relevant domestic laws starting in 2027 to facilitate the exchange of information on crypto-asset transactions and promote individual agreements.A relevant official from the Ministry of Economy and Finance stated, "Through this agreement, detailed information on crypto-asset transactions can be obtained, which will help enhance the transparency of the tax base related to crypto-asset income."

Vitalik: Simply issuing tokens and creating exchanges signifies the failure of the industry; this year is the best time to create meaningful applications

ChainCatcher message, Ethereum co-founder Vitalik expressed in an interview with Tencent's "Deep Dive" that he is concerned that if particularly smart people do not engage in Crypto, those who remain in the Crypto space may not have any interesting ideas, and the only applications will be the financial applications that have been around for many years. This would lead to a situation where—issue a token, create an exchange; issue another token, create another exchange; issue yet another token, this token features cute dogs—these things are fun, but if they are the only things our industry is doing, then the industry is failing. The challenge our industry faces is to create applications that are both meaningful and widely engaging.Regarding why the Ethereum ecosystem and the Web3 ecosystem still lack practical applications, Vitalik stated that before this year, transaction fees were too high, some important technologies were not mature, and issues related to account security and privacy had not been resolved. Therefore, before this year, our industry did not have enough technology to create applications that ordinary people could participate in. One reason for the success of DeFi applications is that DeFi can generate more money. This year, we have finally started to address these issues. This year is the best time to create meaningful applications.
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