Switzerland’s Federal Council has proposed an amendment to its laws that would expand the automatic exchange of tax information (AEOI) to include crypto assets.
According to local media report dated 19 February 2025, “automatic exchange of tax information should also in future cover crypto assets, according to a proposed amendment to Swiss law.”
The proposed changes, if approved by parliament, will enable the first exchanges of crypto asset data starting in 2027.
Explore: Swiss Central Bank Faces Growing Calls To Hold Bitcoin Reserves
The Swiss Push For Greater Tax Transparency
Switzerland’s crypto adoption hits 19%—1.6M people hold Bitcoin or Ethereum. With UBS, Credit Suisse, and $16B in #ETP inflows, the country balances innovation and regulation.
Can Switzerland maintain its position as a global crypto leader?
https://t.co/OleCxFr206 pic.twitter.com/lCjcChdCFk
— Crypto News
(@cryptoswissnews) February 18, 2025
The Swiss government’s initiative is rooted in its obligation to uphold international standards in tax transparency.
Furthermore, by incorporating crypto assets into the AEOI framework, Switzerland aims to address potential loopholes that could be exploited for tax evasion or financial misconduct.
The amendment aligns with the OECD’s updated Common Reporting and Due Diligence Standard for Financial Account Information (CRS). This standard serves as a global benchmark for the automatic exchange of financial account information between countries.
The amendment will bring crypto assets and their service providers under the purview of AEOI, ensuring they are treated on par with traditional financial assets.
Furthermore, the bill proposes criminal penalties for negligent violations of due diligence, reporting, and disclosure obligations.
Recently, the Swiss National Bank (SNB) faced increasing pressure to include Bitcoin (BTC) in its foreign currency reserves.
If the initiative called “For a financially strong, sovereign and responsible Switzerland (Bitcoin Initiative)” gathers 100,00 signatures in 18 months’ time starting 31 December 2024, it will be put to public vote.
The call for the SNB to hold Bitcoin reserves has been amplified by various stakeholders, including members of Switzerland’s political and financial communities.
Post Donald Trump’s re-election, many governments are contemplating the inclusion of BTC in their strategic reserves.
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Key Takeaways
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Switzerland has long been a pioneer in cryptocurrency regulation, often referred to as the “Crypto Nation” due to its favorable policies and innovation-friendly environment.
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The Swiss government’s current initiative is rooted in its obligation to uphold international standards in tax transparency.
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