Switzerland greenlights sharing crypto tax info with 74 nations
Switzerland is moving forward with plans to automatically share crypto-related data with 74 partner countries, including the United Kingdom and all European Union member states.
The Federal Council, the government of Switzerland, has adopted a bill to enable the automatic exchange of information (AEOI) on crypto with partner countries, the council announced on June 6.
The proposal also suggests sharing the data with most G20 countries. The measure excludes the United States, Saudi Arabia and China, according to an X post by the Swiss Federal Government.
The bill is currently under discussion in Parliament and, if approved, the AEOI framework for crypto assets would take effect on Jan. 1, 2026. First exchange of data expected in 2027
The new proposal follows the Federal Council's dispatch on the international and national legal bases for the AEOI concerning crypto assets adopted on Feb. 19, 2025.
During a meeting on June 6, the council adopted the dispatch on the AEOI approval, targeting the first exchange of crypto data taking place in 2027.
Prior to the actual exchange of data on crypto assets, the Federal Council proposed to review whether the partner states with which the AEOI has been activated continue to fulfil the standard's requirements.
'To this end, the existing review mechanism for the AEOI on financial account information should in the future also cover the AEOI concerning crypto assets, which requires the corresponding federal decree to be amended accordingly,' the council said. Exchange depends on mutual interest
In the announcement, the Federal Council stressed that an AEOI should only take place if the partner states are interested in exchanging information with Switzerland.
The states also have to fulfil the requirements of the Crypto-Asset Reporting Framework (CARF) developed by the Organisation for Economic Co-operation and Development (OECD).
The council noted that the EU will implement the AEOI on crypto assets as part of the eighth update of the Directive on Administrative Cooperation, or DAC 8. The directive applies to countries that do not yet comply with the OECD crypto reporting standard across all EU member states.
'Affected providers of crypto services from Switzerland would have a direct reporting obligation in EU member states from that point on, and this will continue until Switzerland implements the ECHR with all EU member states,' the council said in a statement.
According to the Federal Council, adopting crypto AEOI will help Switzerland meet its international tax transparency commitments, strengthen the reputation of its financial sector and create a level playing field for local crypto firms.
'Switzerland therefore has a significant interest in being integrated into this network and implementing the AEOI on crypto assets from 2026 onward, especially since it is likely that Switzerland will receive tax-relevant data on crypto assets from partner states,' the council stated.
Source: https://cointelegraph.com/news/switzerland-automatic-crypto-data-exchange-74-partner-countries
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Fast Company
13-06-2025
- Fast Company
Spot the scam: How to outsmart online cons like a pro
With any innovation comes risk, but those risks can be managed with the right precautions. Protecting yourself online is just as important in your crypto wallet as it is in your email inbox or your banking app. According to the largest ever study of crypto holders in America, which my organization conducted, just 3% reported negative experiences with crypto, and of these, less than a third had experienced fraud or security breaches personally. That's less than 1% total. Compare that to traditional banking scams, where 34% of U.S. adults have experienced in the last year, or online dating, where 40% of users have reported being targeted by scams. The point is that scams happen in every corner of the internet. The good news? The habits that keep you safe in other online spaces also work in Web3. Find the scams before they find you Scams can happen to anyone, anywhere—no matter how smart or tech savvy you may be. By staying alert, you can avoid the hassle and heartache that comes with being swindled. These are some of the most common tactics used by online scammers: Pig butchering: Scammers build fake relationships online—posing as a friend, love interest, or mentor—before persuading you to invest in a 'can't miss' opportunity. Once the crypto or money is sent, the scammers vanish. Pump and dump: A lesser-known token gets hyped up by influencers or group chats, driving up demand. The scam organizers then sell their holdings at the top—leaving latecomers holding the bag. Fake giveaways: Look out for messages claiming you'll receive free crypto if you send a little first. No legitimate organization or person asks you to pay in order to receive a giveaway. Impersonation scams: Fraudsters pretend to be customer service reps, government agencies, or wallet providers to get you to send funds or hand over your login details. Phishing attacks: These often come through fake emails or links on social media, asking you to log in or verify your wallet. The goal? Steal your private keys or seed phrases. Stay safe with smart internet habits Online safety isn't about paranoia—it's about preparation. Governments, companies, and organizations are working to improve consumer protections so that people can use crypto securely. And while those measures can make everyday use more secure, no system is completely foolproof. But with these six simple practices, you can help protect your coins, your identity, and your peace of mind: Never share your private key. Your public wallet address is safe to share (it's like your email) but your private key or recovery phrase gives full access to your wallet (it's like your password). Keep it secret, and store it securely offline. Avoid clicking random links. Whether it's a text, tweet, or email, always double-check the source before responding or clicking. Be skeptical of urgency. Scammers rely on pressure tactics. If someone's telling you to act fast or you'll miss out, take a step back. Real opportunities don't rush you. Research before you invest. Don't believe the hype or anonymous tips. Look up the project, the people behind it, and whether it's widely recognized and reputable. Trust your gut—and verify the details. Misspelled names, strange email addresses, or too-good-to-be-true offers are always red flags. Beware of random texts or emails. 'Hey I found your number in my contacts,' a random 'How are you?' from an unknown number or, other out of the blue overtures should always be treated skeptically. General rule of thumb: If it seems too good to be true, it's probably a scam. Take control of your digital destiny Crypto gives people more control, more access, and more opportunity. But that means nothing without trust and safety. You don't have to be a tech wizard or finance pro to use crypto. You just need to be a little 'crypto curious.' When you decide to dip your toe in, practice and a few smart habits—habits you hopefully already use—like double authentication (where your bank, for example, will text you a code). So let's build a safer digital future together. Not by avoiding what's new, but by learning how to navigate it responsibly.
Time of India
13-06-2025
- Time of India
Indices decline 1% amid rising crude prices and geopolitical tensions
Indian equity markets experienced a 1% decline on Thursday, triggered by escalating tensions in West Asia and the subsequent surge in crude oil prices. Geopolitical uncertainty, coupled with a plane crash, dampened investor sentiment, leading to significant selling pressure from foreign portfolio investors. While domestic institutions provided some support, broader market indices reflected the prevailing caution. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Mumbai: India's equity indices shed 1% on Thursday as a flare-up in tensions in West Asia and a resultant rebound in crude prices soured investor US on Wednesday withdrew personnel from West Asia, citing heightened security risks in the region, which resulted in Brent crude futures rising by 4% before they pulled back on Thursday. According to news reports, Israel is preparing to mount an attack on Iran, a move that is seen as destabilising the Middle Sensex fell 823 points to close at 81,692. The Nifty declined 253 points to end at 24,888."The market was already weak in the morning today because of the geopolitical tensions, but the sharper sell-off happened after the unfortunate plane crash in the afternoon. Though there is no direct correlation, that had an impact on sentiment," said Siddarth Bhamre, head of institutional research at Asit C Mehta Investment Intermediates. Foreign portfolio investors continued to sell, dumping shares worth ₹3,831 crore on Thursday. Domestic institutions were buyers of ₹9,394 crore. The flows from local institutions included the purchase of Asian Paints in the block deal that was transacted on in Asia, China ended almost flat, Hong Kong fell 1.4% and Taiwan dropped 0.8%. South Korea rose 0.5%. The pan-Europe index Stoxx 600 was down 0.6% at the time of going to home, NSE's Volatility Index, or VIX, firmed up 2.5% to 14, reflecting the caution in the market. The next major support for the Nifty is at 24,700, while 25,000 could be a hurdle for the Midcap 150 dropped 1.5% and Nifty Small-cap 250 fell 1.4%. Of the 4,151 shares traded on BSE, 2,780 declined, while 1,226 advanced."There is a fair bit of rotation happening between small-cap, mid-cap and large-caps as investors are looking to churn at every opportunity available," said Jani, director, Finazenn - an investment advisory, does not see this as a start of a trend reversal."Broadly, there are no major downside risks in the market unless geopolitical risks escalate," he said.
Irish Times
12-06-2025
- Irish Times
Transport officials warned Minister of State not to attend Tesla event
Department of Transport officials warned Minister of State Seán Canney not to attend a Tesla event earlier this year marking the car manufacturer's 10,000th sale in Ireland. The Zero Emission Vehicles Ireland (ZEVIreland) office in the department told Mr Canney Ministers should not meet 'individual car manufacturers'. Instead, Tesla representatives met ZEVI officials in the department's offices on February 25th. The EV Industry Insights Forum event at the Tesla centre in Cork was due to have been held on February 25th, but was later moved to March 14th. READ MORE The invitation to Mr Canney, Independent TD and Minister of State at the Department of Transport, came from Melanie Naughton, Tesla country manager for Ireland, in February, shortly after he was appointed. Ms Naughton wrote to him on February 6th congratulating him on his appointment and inviting him to the event. The invitation came two weeks after Tesla chief executive Elon Musk made a gesture that some interpreted as a fascist salute at a rally celebrating President Donald Trump's second inauguration in January. Mr Musk last month left his role in the US department of government efficiency, which he had joined with the aim of slashing federal government funding. The invitation occurred two weeks before the 'Tesla takedown' movement began in the United States targeting garages selling Tesla cars. In her letter to Mr Canney, Ms Naughton said the milestone event would 'bring insights from industry leaders and innovators' to discuss progress to date and about accelerating the transition to electric vehicles. 'We would be delighted if you could give a short speech on your departmental priorities and ambitions for the electric vehicle sector as we celebrate this milestone,' she wrote. 'Tesla is committed to supporting Ireland's transition to sustainable energy and looks forward to collaborating with the Government to achieve our shared goals.' Documents released under the Freedom of Information Act show the invitation was sent by Mr Canney's office to the ZEVIreland section of the Department of Transport. In response, ZEVIreland advised that no Minister should meet 'individual car manufacturers'. The minutes of the meeting suggest there was an overview of Tesla Ireland and discussions related to vehicle demand and charging infrastructure. ZEVI provided a short overview of its national road EV charging plan and the national road grant scheme. Mr Canney's office did not respond to a request for comment on the matter.
