For several years, Switzerland has had many companies and start-ups active in cryptocurrencies and blockchain.

The Swiss government announced on Wednesday that it was launching a project intended to include crypto-assets in tax information exchanged with other countries in order to comply with the requirements of the OECD and the G20. Switzerland is one of 48 countries that have committed to implementing by 2027 a standard set by the Organization for Economic Co-operation and Development (OECD) to include crypto-assets in the exchange of information in order to combat against tax fraud.

The Federal Council (government) has therefore decided to open a consultation on its project to integrate this standard on crypto-assets into its regulations. The deadline for this consultation procedure runs until September 6, indicates the government in a press release. The implementation of the crypto-asset reporting framework (CDC) defined by the OECD “will further modernize the regulation of the cryptocurrency market in Switzerland and will contribute to preserving the credibility and reputation of the country’s financial center”, underlines the press release from the Federal Council.

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It will also ensure “equal treatment with traditional assets”, adds the press release. The new provisions are due to come into force on January 1, 2026. In 2021, the G20 entrusted the OECD with the mission of developing a framework to include crypto-assets in the automatic exchange of tax information. The aim was to ensure that progress made in tax transparency does not erode in the face of the rapid rise of crypto-assets.

The canton of Zug or the “crypto-valley”

The OECD unveiled its proposal in October 2022, ahead of a meeting of finance ministers and central bank governors from the G20 countries in Washington. In November 2023, the OECD announced that 48 countries had committed to implementing this new standard.

Switzerland has many companies and start-ups active in cryptocurrencies and blockchain, particularly in the canton of Zug, known for its advantageous taxation and nicknamed the “crypto-valley”. Rather than multiplying bans, the government preferred to make a choice presented as pragmatic, by regulating cryptocurrencies with the idea of ​​making Switzerland a pioneer of blockchain and crypto-assets in services for the financial sector.

Source: https://www.bfmtv.com/crypto/la-suisse-va-inclure-les-cryptomonnaies-dans-les-echanges-d-informations-fiscales_AD-202405150585.html



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