The Federal Council of Switzerland has adopted a new bill on the automatic exchange of information on crypto assets with 74 partner countries. This group includes all member states of the European Union, the United Kingdom, and most G20 countries.

Notably, as of now, the USA and Saudi Arabia are not included in the list of participating countries.

The new system will be operational by 2027; however, before that, the council will assess whether partner countries meet the necessary technical and legal requirements of the international information exchange standard.

According to the official statement from the Federal Council, Switzerland will promote this exchange only if other states show mutual interest in it.

The European Union, for its part, must implement its Directive on Administrative Cooperation. It mandates reporting obligations in all EU member states.

Until Switzerland completes full integration in accordance with the European Common Reporting Standard, Swiss crypto service providers will be required to report directly to the relevant jurisdictions within the EU.$FLM $ALICE $VIRTUAL