According to PANews, Switzerland is contemplating the inclusion of cryptocurrency tax data in its international information exchange agreements. The Swiss Federal Council initiated a consultation process on Wednesday for a new bill aimed at facilitating the sharing of crypto asset information with 111 jurisdictions. These jurisdictions are currently part of the automatic information exchange framework. The sharing will be contingent on their compliance with the OECD's crypto asset reporting framework.Switzerland has long been a leader in cryptocurrency adoption. Regions like Lugano have pioneered the acceptance of cryptocurrencies such as Tether (USDT) and Bitcoin for tax payments. The country's political framework allows the Federal Tax Administration to classify Bitcoin as a payment method, thereby exempting it from Value Added Tax (VAT).The Swiss Federal Council aims to determine the start date for the automatic exchange of crypto-related information with partner states. The consultation period for this legislative proposal will conclude on November 15, 2024.
