Bank

Bitcoin

Standard

The Swiss Federal Council, the country’s highest authority, has recently called for a public consultation to implement global reporting standards for cryptocurrency taxes and guarantee that crypto assets are treated equally with traditional assets.
On May 15, the Swiss government, which is led by the seven members of the Federal Government Council, <a href="https://www.newsd.admin.ch/newsd/message/attachments/87652.pdf" target="_blank" rel="noopener noreferrer nofollow">published</a> a consultation paper to gauge public opinion regarding Switzerland’s ability to actively participate in the Automatic Exchange of Information (AEOI).
AEOI is welcomed by member countries as a means for tax administrations to collaborate to lower tax evasion. Switzerland’s entry into AEOI is planned for January 1, 2026. The consultation will conclude on September 6 after more than three months of work.&nbsp;
The Federal Council plans to put the Crypto-Asset Reporting Framework (CARF) into effect to increase tax transparency. The introduction of CARF will bolster Switzerland’s crypto-friendly market regulation, ensuring financial integrity.
However, Parliament’s involvement and CARF adoption beyond consultation criteria are crucial. It’s part of Switzerland’s efforts for tax transparency and equitable treatment of financial assets.
The Organisation for Economic Co-operation and Development (OECD) launched AEOI and other initiatives, which were later expanded to include other countries for the benefit of the Group of 20 (G20) countries. Switzerland adopted OECD’s Common Reporting Standard (CRS) in 2014 but excluded CARF for crypto regulation.&nbsp;
Now, the Federal Council plans to rectify this, saying, “Implementation of the CARF will expand Switzerland’s progressive crypto market regulation and help to maintain the credibility and reputation of the Swiss financial center.”
However, parliamentary approval is necessary for the CARF implementation, and it cannot be dependent only on the feedback received on the consultation paper. It is anticipated that nearly 50 nations will have fully embraced the CARF regulations by 2027 to cooperate in the fight against money laundering.
To guarantee equal treatment for traditional assets and financial institutions, the Swiss federal authority aims to “close gaps in the tax transparency mechanism.”&nbsp;
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 Also Read: <a href="https://www.cryptotimes.io/2024/04/23/bitcoin-advocates-urge-swiss-central-bank-to-add-btc/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin Advocates Urge Swiss Central Bank to Add BTC</a>
</blockquote>

Swiss Federal Council Seeks Public Input on Crypto Tax Standards

The Crypto Times

Other articles published on May 16, 2024

Can Sealana Repeat Slothana’s Success and Become the Next Big Solana Meme Coin?

Bonk (BONK) Skyrockets 36% in Volume Amid Major Exchange Listing

ShibaSwap Migrates to Shibarium, Enhancing DeFi Capabilities and User Experience

Bitcoin Skyrockets to $66,000 as Easing US Inflation Fuels Crypto Market Surge

Bitcoin (BTC) Price Jumps 7.5% in 24 Hours: Key Factors Behind the Surge

One Trading Extends the Reach of its Institutional Trading Services in Europe Through Integration...

Join our free newsletter for daily crypto updates!