Switzerland to widen tax information exchange to crypto assets
Federal Council expands information exchange for crypto regulation
Keystone-SDA
Automatic exchange of tax information should also in future cover crypto assets, according to a proposed amendment to Swiss law.
+ Get the most important news from Switzerland in your inbox
The Swiss government has asked parliament to approve the first crypto asset data exchanges from 2027. This would widen the scope of international automatic exchange of information in tax matters (AEOI).
+ Read how Switzerland is trying to gentrify Bitcoin
Switzerland is aiming to implement the new reporting framework published by the OECD to incorporate crypto assets. This relates to the handling of crypto assets and their providers. The aim is to close gaps in the tax transparency system and ensure equal treatment with traditional assets and financial institutions.
The amendment would expand progressive crypto market regulation in Switzerland and contribute to maintaining the credibility and reputation of the Swiss financial centre, the government said.
Tax transparency
With the package of measures, Switzerland is fulfilling its international obligation in the area of tax transparency.
The dispatch also concerns the updating of the OECD’s Common Reporting and Due Diligence Standard for Financial Account Information (CRS). Switzerland has committed to implementing this standard and also to adopting future developments.
The bill also aims to criminalise the negligent violation of due diligence, reporting and disclosure obligations and simplify the admission of new partner states to the AEOI. According to the Federal Council, the majority of respondents to the consultation process welcomed the bill.
More
More
Bitcoin ETFs: is crypto staging a comeback?
Translated from German with DeepL/mga
This news story has been written and carefully fact-checked by an external editorial team. At SWI swissinfo.ch we select the most relevant news for an international audience and use automatic translation tools such as DeepL to translate it into English. Providing you with automatically translated news gives us the time to write more in-depth articles.
If you want to know more about how we work, have a look here, if you want to learn more about how we use technology, click here, and if you have feedback on this news story please write to english@swissinfo.ch.
