Switzerland, one of the world's leading financial centers, is taking significant steps to enhance transparency in the cryptocurrency sector. The Swiss government (Federal Council) has just passed a bill requiring crypto companies to prepare to automatically share data related to digital assets with 74 countries, including the United Kingdom and the entire European Union (EU). This bill is currently being debated in parliament.
This move demonstrates Switzerland's commitment to adhering to international standards for anti-money laundering and counter-terrorism financing, while affirming the country's position as a model of financial transparency. The implementation of the Automatic Exchange of Information (AEOI) mechanism for crypto data will help member countries gain a clearer insight into the digital asset activities of their citizens, thereby effectively preventing cross-border tax evasion and money laundering.
This proposal also includes most G20 countries, except for the US, China, and Saudi Arabia. This indicates a global trend toward the management and oversight of the cryptocurrency market, where countries are striving to collaborate to create a safer and more reliable digital financial environment.
Switzerland's pioneering move to establish an automatic crypto data sharing mechanism is an extremely positive signal for the cryptocurrency market. It not only reinforces confidence in the legitimacy and sustainability of digital assets but also promotes the development of a more transparent, compliant, and responsible crypto ecosystem in the long term.
The information in this article is for reference only and does not constitute investment advice. #Switzerland #Eu #anhbacong
