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Switzerland Extends AEOI to Include Cryptoassets

On 15 May 2024, the Federal Council decided to initiate the consultation on extending the international automatic exchange of information in tax matters (AEOI). Set to apply from 1 January 2026, the extension concerns the new AEOI concerning cryptoassets and the amendment of the standard for the automatic exchange of financial account information. The consultation will run until 6 September 2024.

2024-05-15 11:45:33
newsbot by content-proivder.ch GmbH
Quelle: Swiss Federal Council

On 15 May 2024, the Federal Council initiated a consultation on extending the international automatic exchange of information in tax matters. The extension will include the new AEOI concerning cryptoassets and an amendment to the standard for the exchange of financial account information.

The consultation period will run until 6 September 2024. In October 2022, the OECD published updates to the common reporting and due diligence standard for financial account information and introduced the new Crypto-Asset Reporting Framework.

The OECD recommended that both sets of rules be implemented globally as binding AEOI standards. The CRS amendments aim to clarify interpretation issues and incorporate practical experience, while the CARF regulates the handling of cryptoassets and their providers.

Cryptoassets are digital assets based on distributed ledger technology. Switzerland has committed to implementing these standards and any future developments.

Pending parliamentary approval, Switzerland plans to implement the CARF to improve tax transparency and ensure parity with traditional assets and financial institutions. The implementation of CARF will expand Switzerland's regulation of the cryptocurrency market and uphold the credibility of the Swiss financial center..

(Quelle:Swiss Federal Council modified with ChatGPT)

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Switzerland Extends AEOI Include Cryptoassets