New York, Friday, August 16, 2024- Switzerland is exploring the inclusion of cryptocurrency tax data in its international information exchange protocols.
On Wednesday August 14, the Federal Council initiated a consultation process for a new bill that aims to facilitate the sharing of crypto asset information with 111 jurisdictions. These jurisdictions are part of the automatic information exchange framework, provided they adhere to the OECD’s Crypto-Asset Reporting Framework.
Switzerland has been at the forefront of cryptocurrency adoption, with cities like Lugano leading the way in accepting taxes in digital currencies such as Tether (USDT) and Bitcoin (BTC).
The country’s regulatory framework allows the Federal Tax Administration to classify Bitcoin as a payment method, which exempts it from Value Added Tax (VAT).
The Federal Council also seeks to establish a start date for the automatic exchange of crypto-related information with partner states. The consultation period for this legislative proposal will end on Nov. 15, 2024.
The proposed exchange of information is slated to begin in 2026. The Federal Council is evaluating which countries to partner with for this automatic exchange.
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