$BTC Recent news indicates that Switzerland🇨🇭 is moving towards implementing automatic exchange of information related to cryptocurrencies🤔🤔. Here’s a summary of what has been announced:
🔥Key points:
♦️Goal: This law aims to enhance tax transparency in the digital asset sector and combat tax evasion.
♦️Partner countries: The Swiss Federal Council has approved a proposal to automatically exchange information with 74 partner countries. This list includes all EU member states, the United Kingdom, and most G20 countries (excluding the United States, China, and Saudi Arabia).
♦️Timeline:
January 2026: The law is set to come into effect on January 1, 2026.
2027: The first actual exchange of information will begin in 2027.
♦️Obligations: Cryptocurrency service providers in Switzerland will have to report their customers' data to the Swiss tax authorities starting in 2026.
♦️Compliance with international standards: This step aims to comply with the Crypto Asset Reporting Framework (CARF) issued by the Organisation for Economic Co-operation and Development (OECD), which aims to increase transparency in the cryptocurrency sector.
♦️Reasons: Switzerland believes that its integration into this network and adoption of automatic exchange of information on cryptocurrencies will enhance its commitment to international tax transparency, improve the reputation of its financial sector, and create a level playing field for local companies operating in the cryptocurrency space.
💡💡This shift indicates a significant change in Switzerland's stance, which was previously considered a safe haven for capital seeking anonymity😇😇.
