Switzerland’s Federal Council recently green lit a bill that allows for the automatic exchange of crypto information with 74 other countries, excluding the U.S, Saudi Arabia and China.
In a press release issued on June 6, Switzerland’s Federal Council has adopted a bill that would enable the automatic exchange of information related to crypto assets with dozens of countries around the world.
The bill would come into effect starting from January 2026, with the first exchange of information scheduled to take place some time in 2027. This means that Switzerland will automatically share data related to its crypto assets with 74 partner countries that it deems “relevant to the crypto market.”
Although the release does not list the names of all 74 partner countries, the council does clarify that all EU member states will be included in the bill, as well as the United Kingdom and most of the G20 countries.
However, the U.S. and Saudi Arabia will not be included in the 74 countries that will receive information on Switzerland’s crypto assets. In fact, the official account for the Swiss Federal Government made a post on X which highlighted which countries will not be included in the data-sharing agreement.
These countries include the U.S., Saudi Arabia, and China among others.
The council also stated that an exchange of crypto asset data will only take place if the other partner states consent to sharing their crypto asset data with Switzerland. Not only that, partner states participating in the information sharing should also comply with Crypto-Asset Reporting Framework developed by the Organization for Economic Co-operation and Development or OECD.
In addition, the council proposed to review whether or not partner countries with which the AEOI has been activated have continued to fulfil the standard’s requirements.
“Prior to the actual exchange of data on crypto assets, the Federal Council will also review whether the partner states with which the AEOI has been activated continue to fulfil the standard’s requirements,” stated the Swiss Federal Government council.
The Crypto-Asset Report Framework is designed to combat cross-border tax evasion by enhancing tax transparency across countries amidst the rapidly evolving crypto market. It mandates that Crypto-Asset Service Providers, such as exchanges and wallet providers, collect and report information on users’ tax residencies and taxpayer identification numbers.
These providers must report annually on specific transactions, including exchanges between crypto-assets and fiat currencies, exchanges between different crypto-assets, and transfers of crypto-assets.
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