the swiss times

the swiss times

Switzerland Expands Tax Transparency to Include Crypto Assets

Switzerland Expands Tax Transparency to Include Crypto Assets

Thu, May 16th 2024

As Switzerland embraces transparency, the Federal Council moves to include crypto assets under AEOI, levelling the playing field for financial transparency.

Keystone/ENNIO LEANZA

Switzerland’s Federal Council has initiated a consultation process to incorporate crypto assets into the international automatic exchange of information in tax matters (AEOI). This development, announced on Wednesday, seeks to align with the updated financial account information standards released by the OECD in October 2022. These updates, recognised globally, include the new reporting framework for crypto assets (MRK), marking a significant step in modernising financial transparency.

The inclusion of crypto assets aims to close existing gaps in tax transparency, treating them on par with traditional financial instruments and institutions. According to the Federal Council, “The implementation of the MRK is a key enhancement to the progressive regulation of the crypto market in Switzerland, further reinforcing the integrity and reputation of the Swiss financial sector.”

This move, pending parliamentary approval, is set to be implemented by 2026. It reflects Switzerland’s commitment to upholding international financial standards and adapting to the evolving financial landscape, where digital assets play an increasingly prominent role.

©Keystone/SDA

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