Latest news with #dataexchange
Crypto Insight
a day 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:
Japan Times
11-05-2025
- Health
- Japan Times
Japan, U.K. to promote personal data transfers
Japan and the U.K. plan to expand transfers of personal data between the two countries. Under the plan, research institutes and administrative agencies from Japan and Britain will be allowed to exchange personal data without the need to go through complicated procedures, starting as early as spring 2026. Japan hopes that the move will support drug discovery and other medical research in the country. Currently, Japan is able to exchange personal data with Britain and the European Union without the consent of the people concerned as Japan is recognized as providing sufficient protection to personal information by Britain and the EU, which are known for the highest level of protection. However, such transfers are currently limited to companies. In April, Japan's Personal Information Protection Commission and Britain's Department for Science, Innovation and Technology agreed to speed up work on allowing research institutes and administrative agencies to transfer personal data. Japanese universities and other research institutes will be able to use information about clinical trials and diseases held by their British counterparts. The move is also expected to promote biology research using genetic information. Japan also hopes to promote transfers of administrative information such as criminal records with Britain. Japan is also in talks with the EU to expand personal data transfers.
