According to ChainCatcher, the Swiss Federal Council has launched a consultation process for a new bill to share crypto asset information with 111 jurisdictions, provided that these regions comply with the OECD's crypto asset reporting framework.

Switzerland leads the way in cryptocurrency adoption, with places like Lugano accepting USDT and Bitcoin as a method of tax payment. The Swiss Federal Tax Administration classifies Bitcoin as a method of payment and therefore exempt from VAT.

The Federal Council plans to determine the start date for the automatic exchange of encrypted information with partner states, with a consultation period ending on November 15, 2024.