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06/10 10:44

Switzerland prepares to join global cryptocurrency

Switzerland prepares to join global cryptocurrency tax network

Switzerland is preparing to begin automatic data exchange on crypto assets with over 70 countries, including all EU member states and the United Kingdom, as part of a broader international tax transparency initiative.

The Swiss Federal Council announced on June 6 that it had approved a legislative package allowing for this exchange, which is currently being considered by parliament. If passed, the new rules would come into effect in early 2026.

While most G20 countries are included in the plan, key countries such as the US, China and Saudi Arabia are not on the list. The government stressed that data sharing will only take place with countries that express mutual interest and meet compliance standards under the OECD’s Crypto Asset Reporting Framework (CARF).

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The first exchange of data on the taxation of crypto assets is expected to take place in 2027. Before that, Swiss authorities will assess whether partner countries comply with international transparency norms, following the review system already used for traditional financial data.

The EU will introduce its own rules for taxing crypto assets under DAC8, a directive that requires member states to adopt standards agreed with the OECD. Until Switzerland formally complies with DAC8, crypto companies based in the country could be subject to direct reporting obligations within the EU.

Swiss officials argue that this measure will strengthen the country’s role as a trusted financial center and level the playing field for local crypto companies by bringing them into line with global compliance requirements.

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