Switzerland Launches Public Consultation On Crypto Tax Information Sharing

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Shalini is a crypto reporter who provides in-depth reports on daily developments and regulatory shifts in the cryptocurrency sector.

Switzerland is contemplating including crypto tax data within its international information exchange protocols.

The Federal Council on Wednesday initiated a consultation process for a new bill. This bill aims to facilitate the sharing of crypto asset information with 111 jurisdictions. These jurisdictions are currently part of the automatic information exchange. The sharing is subject to their compliance with the OECD’s Crypto-Asset Reporting Framework.

Switzerland has long led in cryptocurrency adoption. Locales like Lugano have pioneered accepting taxes in cryptocurrencies such as Tether (USDT) and Bitcoin (BTC). The country’s political framework allows the Federal Tax Administration to classify Bitcoin as a payment method. As a result, Bitcoin is exempt from Value Added Tax (VAT).

The Federal Council aims to establish the commencement date for the automatic exchange of crypto-related information with its partner states. The consultation period for this legislative proposal will conclude on Nov. 15, 2024.

Switzerland is looking into which countries to partner with for the automatic exchange of cryptoasset information. For this the Federal Council has initiated a consultation procedure. The exchanges would begin in 2026. https://t.co/dd0gddJ8XW @efd_dff @sif_sfi

The OECD’s framework for crypto assets sets a uniform approach for tax authorities in managing and exchanging data on these assets. However, it also permits countries to tailor these standards to fit their own legal and regulatory contexts.

This adaptability enables countries to apply the guidelines in ways that suit their particular