PANews reported on August 15 that according to CryptoNews, Switzerland is considering incorporating crypto tax data into its international information exchange agreement. The Swiss Federal Council launched a consultation process for a new bill on Wednesday that aims to promote the sharing of crypto asset information with 111 jurisdictions. These jurisdictions are currently part of the automatic information exchange. The premise of sharing is that they comply with the OECD's crypto asset reporting framework.
Switzerland has long been a leader in cryptocurrency adoption. Places such as Lugano have taken the lead in accepting cryptocurrencies such as Tether (USDT) and Bitcoin for tax payment. The country’s political framework allows the Federal Tax Office to classify Bitcoin as a method of payment. As a result, Bitcoin is exempt from value-added tax (VAT).
The Swiss Federal Council aims to determine a start date for the automatic exchange of crypto-related information with partner cantons. The consultation period for the legislative proposal will end on November 15, 2024.
