Switzerland Expands AEOI to Include Crypto-Assets
Switzerland is expanding its automatic exchange of information (AEOI) to include crypto-assets. The Swiss Federal Council has approved a draft decree to implement the OECD's Crypto-Asset Reporting Framework (CARF) and align with international tax transparency standards. This move aims to enhance due diligence and compliance measures, simplify AEOI procedures, and introduce criminal penalties for negligent violations.
The decree, set to take effect on January 1, 2026, introduces amendments to national legislation and regulations. It expands the scope of AEOI to cover crypto-assets, requiring various institutions to report information about their customers and the customers' crypto-assets. These institutions include crypto-asset service providers, crypto-exchanges, banks offering crypto-services, crypto-ATMs, crypto-wallet providers, and custodial services. Private individuals managing their own crypto-assets are not subject to the reporting obligation.
The decree defines the types of financial information subject to exchange, including the identity and tax residency of the customer, the type of crypto-assets, and relevant transaction details. The reporting obligation will come into effect in 2027, with international information exchange scheduled for 2028. The decree also simplifies the process for admitting new AEOI partner countries.
The Swiss Federal Council's decree aligns Switzerland's financial reporting framework with international standards, extending AEOI to the crypto-asset sector. This move is expected to improve tax transparency and combat tax evasion involving crypto-assets. The exact legal details are still under parliamentary review, and interested parties should monitor updates from the Swiss Federal Administration and the OECD's CARF publications.
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