Latest news with #AEOI
Crypto Insight
2 days ago
- Business
- Crypto Insight
Switzerland greenlights sharing crypto tax info with 74 nations
Switzerland is moving forward with plans to automatically share crypto-related data with 74 partner countries, including the United Kingdom and all European Union member states. The Federal Council, the government of Switzerland, has adopted a bill to enable the automatic exchange of information (AEOI) on crypto with partner countries, the council announced on June 6. The proposal also suggests sharing the data with most G20 countries. The measure excludes the United States, Saudi Arabia and China, according to an X post by the Swiss Federal Government. The bill is currently under discussion in Parliament and, if approved, the AEOI framework for crypto assets would take effect on Jan. 1, 2026. First exchange of data expected in 2027 The new proposal follows the Federal Council's dispatch on the international and national legal bases for the AEOI concerning crypto assets adopted on Feb. 19, 2025. During a meeting on June 6, the council adopted the dispatch on the AEOI approval, targeting the first exchange of crypto data taking place in 2027. Prior to the actual exchange of data on crypto assets, the Federal Council proposed to review whether the partner states with which the AEOI has been activated continue to fulfil the standard's requirements. 'To this end, the existing review mechanism for the AEOI on financial account information should in the future also cover the AEOI concerning crypto assets, which requires the corresponding federal decree to be amended accordingly,' the council said. Exchange depends on mutual interest In the announcement, the Federal Council stressed that an AEOI should only take place if the partner states are interested in exchanging information with Switzerland. The states also have to fulfil the requirements of the Crypto-Asset Reporting Framework (CARF) developed by the Organisation for Economic Co-operation and Development (OECD). The council noted that the EU will implement the AEOI on crypto assets as part of the eighth update of the Directive on Administrative Cooperation, or DAC 8. The directive applies to countries that do not yet comply with the OECD crypto reporting standard across all EU member states. 'Affected providers of crypto services from Switzerland would have a direct reporting obligation in EU member states from that point on, and this will continue until Switzerland implements the ECHR with all EU member states,' the council said in a statement. According to the Federal Council, adopting crypto AEOI will help Switzerland meet its international tax transparency commitments, strengthen the reputation of its financial sector and create a level playing field for local crypto firms. 'Switzerland therefore has a significant interest in being integrated into this network and implementing the AEOI on crypto assets from 2026 onward, especially since it is likely that Switzerland will receive tax-relevant data on crypto assets from partner states,' the council stated. Source:
The Print
3 days ago
- Business
- The Print
Switzerland plans info exchange on crypto assets with India, 73 other countries
While there are no clear-cut regulations as yet in India on cryptocurrencies, they are regulated from the perspective of anti-money laundering laws. India and Switzerland already have an automatic exchange of information framework in place for bank accounts and other financial assets held by Indians in Switzerland, and vice versa. The two countries exchange this information yearly, and it has helped Indian authorities unearth many cases of undisclosed funds stashed abroad by Indians. New Delhi/Berne, Jun 6 (PTI) Switzerland on Friday proposed an automatic exchange of information on crypto assets with India and 73 other countries, a move likely to help track funds stashed by Indians abroad in virtual currencies. The Reserve Bank of India has consistently maintained that it is concerned about cryptocurrencies as they can hamper financial stability, but these virtual currencies are considered legal tender in various other countries. While there are no official estimates, it is suspected that a large number of Indians may have stashed undisclosed funds in crypto assets, and the proposed information exchange framework will help unearth those assets. The Swiss government said in a statement that its Federal Council on Friday adopted a dispatch approving the list of 74 partner states for the automatic exchange of information concerning crypto assets. In addition to India, the list includes all European Union member states, the UK and most G20 countries (except the US and Saudi Arabia). The AEOI is expected to come into force on January 1, 2026, after approval of a relevant bill in Parliament. The first exchange of data is expected to take place in 2027. An exchange will only take place if the partner states are interested in exchanging information with Switzerland and if they fulfil the requirements of the Crypto-Asset Reporting Framework developed by the Organisation for Economic Co-operation and Development (OECD). Prior to the actual exchange of data on crypto assets, the Federal Council will also review whether the partner states with which the AEOI has been activated continue to fulfil the OECD standard's requirements. 'To this end, the existing review mechanism for the AEOI on financial account information should in future also cover the AEOI concerning crypto assets, which requires the corresponding federal decree to be amended accordingly,' the Swiss government said. PTI BJ DR This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
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First Post
3 days ago
- Business
- First Post
Switzerland proposes info exchange to track crypto funds stashed by Indians abroad
India and Switzerland already have an automatic exchange of information framework in place for bank accounts and other financial assets held by Indians in Switzerland, and vice versa. The two countries exchange this information yearly, and it has helped Indian authorities unearth many cases of undisclosed funds stashed abroad by Indians read more Switzerland on Friday proposed an automatic exchange of information on crypto assets with India and 73 other countries, a move likely to help track funds stashed by Indians abroad in virtual currencies. India and Switzerland already have an automatic exchange of information framework in place for bank accounts and other financial assets held by Indians in Switzerland, and vice versa. The two countries exchange this information yearly, and it has helped Indian authorities unearth many cases of undisclosed funds stashed abroad by Indians. STORY CONTINUES BELOW THIS AD While there are no clear-cut regulations as yet in India on cryptocurrencies, they are regulated from the perspective of anti-money laundering laws. The Reserve Bank of India has consistently maintained that it is concerned about cryptocurrencies as they can hamper financial stability, but these virtual currencies are considered legal tender in various other countries. While there are no official estimates, it is suspected that a large number of Indians may have stashed undisclosed funds in crypto assets, and the proposed information exchange framework will help unearth those assets. The Swiss government said in a statement that its Federal Council on Friday adopted a dispatch approving the list of 74 partner states for the automatic exchange of information concerning crypto assets. In addition to India, the list includes all European Union member states, the UK and most G20 countries (except the US and Saudi Arabia). The AEOI is expected to come into force on January 1, 2026, after approval of a relevant bill in Parliament. The first exchange of data is expected to take place in 2027. An exchange will only take place if the partner states are interested in exchanging information with Switzerland and if they fulfil the requirements of the Crypto-Asset Reporting Framework developed by the Organisation for Economic Co-operation and Development (OECD). Prior to the actual exchange of data on crypto assets, the Federal Council will also review whether the partner states with which the AEOI has been activated continue to fulfil the OECD standard's requirements. STORY CONTINUES BELOW THIS AD 'To this end, the existing review mechanism for the AEOI on financial account information should in future also cover the AEOI concerning crypto assets, which requires the corresponding federal decree to be amended accordingly,' the Swiss government said.
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Business Standard
3 days ago
- Business
- Business Standard
Switzerland to exchange crypto info with India, 73 other countries
Switzerland on Friday proposed an automatic exchange of information on crypto assets with India and 73 other countries, a move likely to help track funds stashed by Indians abroad in virtual currencies. India and Switzerland already have an automatic exchange of information framework in place for bank accounts and other financial assets held by Indians in Switzerland, and vice versa. The two countries exchange this information yearly, and it has helped Indian authorities unearth many cases of undisclosed funds stashed abroad by Indians. While there are no clear-cut regulations as yet in India on cryptocurrencies, they are regulated from the perspective of anti-money laundering laws. The Reserve Bank of India has consistently maintained that it is concerned about cryptocurrencies as they can hamper financial stability, but these virtual currencies are considered legal tender in various other countries. While there are no official estimates, it is suspected that a large number of Indians may have stashed undisclosed funds in crypto assets, and the proposed information exchange framework will help unearth those assets. The Swiss government said in a statement that its Federal Council on Friday adopted a dispatch approving the list of 74 partner states for the automatic exchange of information concerning crypto assets. In addition to India, the list includes all European Union member states, the UK and most G20 countries (except the US and Saudi Arabia). The AEOI is expected to come into force on January 1, 2026, after approval of a relevant bill in Parliament. The first exchange of data is expected to take place in 2027. An exchange will only take place if the partner states are interested in exchanging information with Switzerland and if they fulfil the requirements of the Crypto-Asset Reporting Framework developed by the Organisation for Economic Co-operation and Development (OECD). Prior to the actual exchange of data on crypto assets, the Federal Council will also review whether the partner states with which the AEOI has been activated continue to fulfil the OECD standard's requirements. "To this end, the existing review mechanism for the AEOI on financial account information should in future also cover the AEOI concerning crypto assets, which requires the corresponding federal decree to be amended accordingly," the Swiss government said.
Hindustan Times
3 days ago
- Business
- Hindustan Times
Switzerland plans info exchange on crypto assets with India, 73 other countries
Switzerland on Friday proposed an automatic exchange of information on crypto assets with India and 73 other countries, a move likely to help track funds stashed by Indians abroad in virtual currencies. India and Switzerland already have an automatic exchange of information framework in place for bank accounts and other financial assets held by Indians in Switzerland, and vice versa. The two countries exchange this information yearly, and it has helped Indian authorities unearth many cases of undisclosed funds stashed abroad by Indians. While there are no clear-cut regulations as yet in India on cryptocurrencies, they are regulated from the perspective of anti-money laundering laws. The Reserve Bank of India has consistently maintained that it is concerned about cryptocurrencies as they can hamper financial stability, but these virtual currencies are considered legal tender in various other countries. While there are no official estimates, it is suspected that a large number of Indians may have stashed undisclosed funds in crypto assets, and the proposed information exchange framework will help unearth those assets. The Swiss government said in a statement that its Federal Council on Friday adopted a dispatch approving the list of 74 partner states for the automatic exchange of information concerning crypto assets. In addition to India, the list includes all European Union member states, the UK and most G20 countries (except the US and Saudi Arabia). The AEOI is expected to come into force on January 1, 2026, after approval of a relevant bill in Parliament. The first exchange of data is expected to take place in 2027. An exchange will only take place if the partner states are interested in exchanging information with Switzerland and if they fulfil the requirements of the Crypto-Asset Reporting Framework developed by the Organisation for Economic Co-operation and Development (OECD). Prior to the actual exchange of data on crypto assets, the Federal Council will also review whether the partner states with which the AEOI has been activated continue to fulfil the OECD standard's requirements. "To this end, the existing review mechanism for the AEOI on financial account information should in future also cover the AEOI concerning crypto assets, which requires the corresponding federal decree to be amended accordingly," the Swiss government said.
