Switzerland decides on the draft law for automatic crypto information exchange with 74 countries-implementation planned in the coming year

Switzerland decides on the draft law for automatic crypto information exchange with 74 countries-implementation planned in the coming year

Switzerland: automatic exchange of crypto information with 74 countries

Switzerland has undergone a significant step in the regulation of cryptocurrencies by passing a draft law that enables the automatic exchange of crypto information with a total of 74 countries. This initiative is intended to increase transparency and security in the field of digital currencies and at the same time support international standards in tax transparency.

The Federal Council of Switzerland plans to put the law into force in the coming year. This could not only change the compliance requirements for crypto providers and investors in the country, but also strengthen international cooperation in the fight against money laundering and tax evasion.

The automatic exchange of information will enable the authorities of the participating countries to receive relevant data on crypto transactions and stocks. This could be particularly important for tax authorities who want to ensure that all taxable income from cryptocurrencies is properly recorded.

This step positions Switzerland as a responsible player in the rapidly growing sector of cryptocurrencies and strengthens their efforts to create a safe and regulated environment for digital financial products. The decision to join the international standard could also have positive effects on the trust of investors and users in the Swiss cryptom market.

Overall, this draft law represents an important milestone in the regulation of cryptocurrencies and is considered a necessary step by many industry representatives to meet the challenges of the digital financial world.