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The Print
2 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
2 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
2 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
2 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.
Arabian Post
2 days ago
- Business
- Arabian Post
Switzerland Embarks on Crypto Data Sharing with 74 Nations
Switzerland has ratified a plan to commence the automatic exchange of information on cryptoassets with 74 partner countries from January 2026, aligning its financial transparency framework with the OECD's Crypto-Asset Reporting Framework . The inaugural data exchange is slated for 2027, contingent upon mutual agreement and adherence to OECD standards. The Federal Council's decision marks a significant expansion of Switzerland's Automatic Exchange of Information regime, previously limited to traditional financial accounts. Under the new framework, cryptoasset service providers, including exchanges and wallet operators, will be mandated to collect and report detailed information on their clients' holdings and transactions. This data will be transmitted to the Swiss Federal Tax Administration and subsequently shared with participating jurisdictions. The CARF, developed by the OECD in collaboration with G20 nations, aims to enhance tax compliance and combat illicit financial activities in the rapidly evolving digital asset sector. It requires Crypto-Asset Service Providers to implement stringent due diligence procedures, including the identification of users' tax residencies and the verification of taxpayer identification numbers. The framework encompasses a broad spectrum of digital assets, including cryptocurrencies, stablecoins, and non-fungible tokens , while explicitly excluding central bank digital currencies . ADVERTISEMENT Switzerland's adoption of the CARF necessitates amendments to existing federal laws and ordinances governing the AEOI. The Federal Council initiated a consultation process in May 2024 to solicit feedback on the proposed legislative changes. A subsequent consultation in August 2024 focused on determining the partner states for the cryptoasset information exchange, with stakeholders given until November 15, 2024, to submit their comments. The selection of partner countries is predicated on their commitment to the CARF and their ability to ensure data confidentiality and security. The Global Forum on Transparency and Exchange of Information for Tax Purposes assesses the data protection measures of potential partner jurisdictions. Only those that meet the requisite standards will be eligible to participate in the information exchange. Notably, the United States and Saudi Arabia are currently excluded from the agreement. The implementation of the CARF in Switzerland introduces enhanced compliance measures, including criminal penalties for negligent violations of due diligence and reporting obligations. These provisions underscore the Swiss government's commitment to upholding international tax transparency standards and maintaining the integrity of its financial system. The integration of cryptoassets into the AEOI framework represents a paradigm shift in global tax reporting practices. By extending the scope of information exchange to encompass digital assets, Switzerland aims to mitigate the risks associated with tax evasion and money laundering in the crypto sector. The move also reinforces Switzerland's reputation as a cooperative and transparent financial hub. Swiss cryptoasset service providers are now tasked with adapting their operations to comply with the forthcoming regulations. This entails the implementation of robust client identification procedures, the establishment of secure data reporting mechanisms, and the alignment of internal compliance protocols with the CARF requirements. The transition period leading up to the 2026 implementation date is critical for ensuring a seamless integration of these new obligations.
